Peter Livanos-controlled GasLog has reached a definite merger deal with its New York-listed affiliate, GasLog Partners.
The deal will see GasLog take the owner of 11 LNG ships private by acquiring around 70% of the partnership it does not currently own for $8.65 per share, including a special dividend of $3.28 per share.
The per-share purchase price represents a 24% premium to GasLog Partners’ stock’s closing on January 24 and a 12% increase on the initial proposal.
The transaction is expected to close by the end of the third quarter of 2023, subject to approval of a majority of shareholders. The unified GasLog fleet would consist of 38 LNG carriers, with four under construction and one vessel undergoing conversion into a floating storage and regasification unit.
