US private equity firm Oaktree Capital Management has sold 25.2m shares in the Oslo-listed product tanker unit of BW Group, Hafnia.
Oaktree-controlled OCM Luxembourg Chemical Tankers tapped Fearnley Securities, Jefferies and Pareto Securities to carry out a block sale of existing shares equal to approximately 5.01% through a private placement.
The share price was set at NOK 50, which equates to approximately NOK 1.26bn ($127.6m).
Before the sale, Oaktree controlled around 50.2m shares in Hafnia, just shy of 10%. Following the transaction, Guillaume Philippe Gerry Bayol, managing director of Oaktree’s GFI Energy Group, has resigned from Hafnia’s board.
Hafnia commercially operates a fleet of 254 vessels, of which 123 are owned. Last year, Oaktree sold nearly half of its shareholding in the tanker giant for NOK1.9bn.
