United Arab Chemical Carriers Limited (UACC), the Dubai-headquartered international shipping company, has entered into a definitive merger agreement to be acquired by United Overseas Group Ltd, a company controlled by Peter Georgiopoulos and Leonidas Vrondissis.
The transaction is structured as a reverse triangular merger, which will be the first such merger under the Companies Law of the Dubai International Financial Centre.
Under the deal, a wholly-owned subsidiary of United Overseas Group will merge with and into UACC, with UACC continuing as the survivor company and a company established in the DIFC.
Each current shareholder of UACC will cease to hold shares in the survivor company, but will be entitled to receive its pro rata portion of the merger consideration pursuant to the terms and conditions of the merger agreement.
The transaction is conditioned on, among other things, receipt of shareholder and regulatory approval and is expected to close in the first quarter of 2021.
UACC is engaged in the international transportation of refined products and chemicals. It currently owns and operates 20 vessels comprising nine IMO2/3 chemical tankers, two LR1 and nine MR tankers. Additionally, it operates two vessels on bareboat charter.