Navios tanker deal done

Navios Maritime Acquisition Corp is free to complete a near $460m tanker swoop just 24 hours after the deal appeared dead in the water.

Shareholders gave the purchase a green light this morning in the US and it will now seal the 15-ship move, a statement says.

Only yesterday Navios Acquisition’s long-awaited buy of up to 13 product tankers and two chemical tankers looked to have flopped after shareholders opposed the move in a preliminary vote.

Angeliki Frangou.

A source at the shipowner says Navios Acquisition always expected to win the backing of its stakeholders despite Monday’s setback.

“That was just one point in time,” TradeWinds is told. “Now that it is done we are a proper company [rather than a Spac].”

Navios Acquisition will pay $457.8m for the ships, of which $123.4m will come from its cash reserves. The balance will be covered by debt financing.

Parent Navios Maritime Holdings will now be reimbursed for the $171.7m initial payment it made on the deal, the statement says.

TradeWinds reported yesterday 13.6 million shares were tallied against the transaction in the preliminary vote, while 9.2 million shares were logged in favour of the plan. The later included shares beneficially owned by Navios Maritime Holdings and chief executive Angeliki Frangou.

The poll did not include an additional 6,325,000 shares owned by Navios Holdings, Frangou and other directors that were obligated to follow the majority lead.

The deal first came to light in early April when Navios Acquisition revealed it was ready to pay $457.7m for the 13 firm ships and a further $81m to exercise options for two LR1s.

At the same time Navios Maritime grabbed a $45m chunk of Navios Acquisition’s common stock, with Frangou taking a further $15m.

Printable version Newsletter sign up