June 10 (SeeNews) - Greek liquefied natural gas (LNG) carriers operator GasLog announced completion of its agreement to be taken private by an affiliate of US investment giant BlackRock in a deal valuing GasLog at about $552 million (454.01 million euro) in total equity terms.
The transaction was formally closed on June 9, the company said in a press release on Wednesday.
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In February, BlackRock’s Global Energy & Power Infrastructure team (GEPIF) agreed to acquire all of the outstanding common shares of GasLog that are not held by certain existing shareholders, including Blenheim Holdings Ltd, which is wholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation.
Following completion, the rolling shareholders keep a stake of about 55% in the business, while GEPIF now owns about 45%.
The agreed purchase price stood at 5.80 dollars in cash per common share, which represented a 22% premium to the volume weighted average share price of the target company over the last 30 days prior to the deal’s announcement.
GasLog operates a consolidated fleet of 35 LNG carriers. Shares in the New York-listed firm closed 0.17% lower at 5.80 dollars on Monday.
($=0.822494 euro)