Shipping's largest private equity investor Oaktree will have a 61.3% slice of the new company with Pappas controlling 12.5% of the stock following the all-shares deal.
Star will take over 15 trading vessels and 26 newbuildings from Oceanbulk as part of the agreement, which comes just a couple of months after the latter emerged as an IPO candidate.
As part of the super-sizing of Star Bulk into a $1bn company, Pappas will become chief executive and incumbent Spyros Capralos takes the title of non-executive chairman.
Capralos
