Cal Dive acquires Horizon Offshore

By Lisa Kerner

Charlotte, N.C., Dec. 11 - Cal Dive International, Inc. completed its acquisition of Horizon Offshore, Inc. following Horizon shareholders' approval of the deal on Monday.

Horizon stockholders will receive $9.25 in cash and 0.625 of a share of Cal Dive common stock for each Horizon share held, or about $19.25 per share, according to a company news release.

The cash portion of the acquisition is being funded through a $375 million senior secured term loan A facility.

As previously reported, Cal-Dive agreed to acquire Horizon Offshore in a stock and cash transaction valued at approximately $650 million, including debt.

Cal Dive is a marine contractor that provides manned diving, pipelay and pipe burial services to the offshore oil and natural gas industry. Horizon Offshore provides marine construction services for the offshore oil and gas and energy industries. Both companies are based in Houston.

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