United Overseas Group (UOG), an investment firm controlled by Peter Georgiopoulos and Leonidas Vrondissi, is acquiring Dubai-based United Arab Chemical Carriers (UACC).
The transaction is structured as a reverse triangular merger, where UOG will merge with UACC, with UACC continuing as the survivor company, established in the Dubai International Finance Centre. The current owners, which include the sovereign wealth funds of Saudi Arabia and Qatar, will cease to hold shares in the new company.
The transaction is still subject to shareholder and regulatory approval, and is expected to close in the first quarter of 2021.
UACC currently owns and operates 20 vessels, made up of nine chemical tankers, two LR1s and nine MRs. It also operates two additional vessels on bareboat charter.