US private equity firm Oaktree Capital Management Greek has offloaded about an 8% stake in Greek dry bulk owner Star Bulk Carriers.
The Nasdaq-listed operator of around 120 bulkers is buying back 10m shares from its largest investor for $18.50 apiece.
The Petros Pappas-led firm is funding the deal with proceeds from vessels sold “at stronger market levels” during the last six months and expects the transaction to close in October.
After the sale, Oaktree and its affiliated funds will own about 17.2% of Star Bulk stock and remain the company’s largest shareholder, but its board representation will be reduced from three to two seats.
The move follows Oaktree’s sale of its entire 28% share of Eagle Bulk in June. The company has also been selling down in BW Group-backed product tanker giant Hafnia.
