Angeliki Frangou has sealed a deal to take US-listed logistics company Navios Maritime Holdings private.
Frangou, via its affiliate N Logistics Holdings Corporation, is paying $2.28 per share it does not already own – a premium of about 43% to the closing price of Navios Holdings’s common stock on September 12 – the last trading day before it logged its offer.
The initial buyout offer stood at $1.84 in cash per common share, a 17% premium over the September 12 closing price, meaning Frangou sweetened the offer by $0.44.
The buyout is expected to close by the first quarter of 2024. It is subject to the approval of stockholders at a special meeting to be held in due course, as well as other customary closing conditions.
Frangou owns a controlling stake in Navios Holdings of around 64%, according to its latest annual report. The company owns a 10.3% ownership interest in Greek shipping giant Navios Maritime Partners, and a 63.8% ownership interest in Navios South American Logistics, a logistics and infrastructure provider in the Hidrovia region of South America.
