Cadeler (CDLR) said Tuesday it has acquired Menck, a provider equipment and technology for offshore foundation installation, for an enterprise value of 501 million euros ($578 million).

The acquisition was financed through available liquidity together with a 380 million euro acquisition facility provided by DNB Bank and Cooperatieve Rabobank, according to the company.

The signing and closing of the deal were completed following the receipt of all mandatory regulatory approvals, Cadeler said, adding that it intends operate Menck as a standalone business.

Cadeler shares were down 5.1% in Tuesday premarket activity.