June 8 (SeeNews) - Greek liquefied natural gas (LNG) carriers operator GasLog announced that its shareholders have approved the company’s agreement to be taken private by an affiliate of US investment giant BlackRock in a deal that values it at about $552 million (453.2million euro) in total equity terms.
The go-ahead was granted with a positive vote of about 93%, GasLog said in a press release on Monday.
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BlackRock’s Global Energy & Power Infrastructure team (GEPIF) in February agreed to acquire all of the outstanding common shares of the Greek based company that are not held by certain existing shareholders, including Blenheim Holdings Ltd, which is wholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation.
Post close, the rolling shareholders will keep a stake of about 55% in the business, while GEPIF will own about 45%. The go-private deal is set to close in the second quarter of 2021.
The agreed purchase price stands at 5.80 dollars in cash per common share, which represents a 22% premium to the volume weighted average share price of the target company over the last 30 days prior to the deal’s announcement.
GasLog operates a consolidated fleet of 35 LNG carriers. Shares in the New York-listed firm closed 0.17% lower at 5.80 dollars on Monday.
($=0.82104 euro)
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