Published by Global Banking and Finance Review
Posted on September 23, 2025
2 min readLast updated: January 21, 2026
Italy approves the Saipem and Subsea7 merger with conditions to protect national interests. The merger is crucial for Saipem, with completion expected in 2026.
ROME (Reuters) -Italy's government has given a conditional green light to the merger between energy contractor Saipem and its Norwegian rival Subsea7, financial newspaper MF reported on Tuesday.
Rome's approval, given on September 18, is subject to Saipem keeping in Italy all those activities that are considered strategic, giving priority to Italian energy infrastructure and continuing its underwater drone project, the report said.
The merger will be voted on by the two companies' shareholder meetings, both on Thursday, the report said.
The newspaper added that despite the conditions, which are aimed at protecting the national interest, the government sees the merger as "crucial for Saipem".
The Italian government controls 12.8% of Saipem through state lender CDP. State-backed energy group Eni holds a further 21.2%.
The combined group, to be renamed Saipem7, will have an order backlog of 43 billion euros ($50.62 billion), revenue of about 21 billion euros and core earnings of more than 2 billion euros, the companies said in a statement in July.
The deal is expected to be completed in the second half of 2026, the companies said.
Saipem, Subsea7 and the Italian government were not immediately available for comment.
(Reporting by Giulia Segreti; Editing by Mrigank Dhaniwala)
The Italian government has given a conditional green light to the merger between Saipem and Subsea7, as reported by financial newspaper MF.
The approval is subject to Saipem maintaining all strategic activities in Italy and prioritizing Italian energy infrastructure.
The merger will be voted on by the shareholder meetings of both companies on Thursday.
The combined group, to be renamed Saipem7, will have an order backlog of 43 billion euros and projected revenue of about 21 billion euros.
The deal is anticipated to be completed in the second half of 2026.
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