Cerberus Capital raises its stake in Team Tankers to over 10%

Cerberus Capital raises its stake in Team Tankers to over 10%

Cerberus Capital Management has increased its stake in Oslo-listed Team Tankers by a further 1.411% to just over 10% in total.

On November 20, the private equity firm’s subsidiary Promontoria Holding VI bought 2,659,497 shares at NOK 14.25 ($1.65) each or NOK 37.79m ($4.38m) in total, a filing said today. The stock closed that day at NOK 14.15 per share.

New York-based Cerberus and its affiliate companies now hold a total of 19,274,238 shares in Team Tankers, equal to a 10.226% stake. This includes an 8.815% stake (16,614,741 shares) held by Promontoria Holding CIP5 BV, another Cerberus company.

Jesper Bo Hansen is vice-chairman, maritime of Cerberus’ proprietary operations affiliate Cerberus Operations and Advisory Company, and serves as a member of Team Tankers’ board of directors.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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