Two Angeliki Frangou tanker vehicles are merging. Navios Maritime Acquisition Corporation and Navios Maritime Midstream Partners will join forces in a deal which sees Navios Acquisition acquire all of the publicly held units of Navios Midstream in exchange for shares of Navios Acquisition. The transaction is expected to close around December 2018.
Navios said the move was designed to simplify capital and organisational structure as well as increasing trading liquidity and float of the Navios Acquisition common stock.
Navios Acquisition also announced that it will carry out a 1-for-15 reverse stock split of its issued and outstanding shares of common stock, subject to shareholder approval.