HAL Investments B.V. agreed to acquire 9.9% stake of Technip Energies N.V. (ENXTPA:TE) from TechnipFMC plc (NYSE:FTI) for approximately €200 million on September 2, 2021. HAL Investments will acquire 17.6 million shares at an offer price of €11.15 per share. Upon completion of the Sale, TechnipFMC will retains a direct stake of approximately 12.3% of Technip Energies' Share Capital.

As of September 30, 2021, TechnipFMC retained 17.1% ownership interest in Technip Energies' issued and outstanding share capital. As of October 26, 2021, TechnipFMC retain a direct stake of 21.9 million shares, representing 12.3 % of Technip Energies' issued and outstanding share capital. There is no lock-up associated with our remaining stake in Technip Energies.

Settlement for the sale will take place in two tranches. HAL will first acquire 8.6 million Shares from TechnipFMC, with settlement expected to take place in the coming days. The first tranche is settled in September for gross proceeds of € 96.3 million.

Settlement for the remaining 9 million Shares is subject to HAL obtaining customary regulatory approvals. The Joint Global Coordinators from the July Placement granted a waiver of the 60-day lock-up solely for the purpose of the September Sale. The original 60-day lock-up applicable to the July Placement remained in effect in all other respects until October 2, 2021.

The HAL sale was completed in two tranches. The second tranche of 9 million shares was sold in September 2021 and is expected early in the fourth quarter of 2021. The second tranche was settled on October 22, 2021 for gross proceeds of €99.9 million.

The transaction is expected to settle before the end of October 2021. As of November 23, 2021, transaction is expected to close in the fourth quarter of 2021. Christopher Drewry of Latham & Watkins LLP acted as legal advisor to TechnipFMC plc.