Piraeus-based LNG shipper GasLog has signed a deal and plan of merger with BlackRock Global Energy & Power infrastructure.
Under the merger agreement, GEPIF will acquire all of the outstanding common shares of GasLog that are not held by certain existing shareholders of GasLog, including Blenheim Holdings, which is wholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation, in exchange for $5.80 in cash per common share.
The $5.80 per share acquisition price represents a 17 per cent premium to the closing price of GasLog’s common shares on February 19, 2021 and a 22 per cent premium to the volume weighted average share price of GasLog’s common shares over the last 30 days.
Immediately following the completion of the transaction, the Rolling Shareholders will continue to hold approximately 55 per cent of the outstanding common shares of GasLog and GEPIF will hold approximately 45 per cent.
Promptly after completion of the transaction, the common shares of GasLog will be delisted from the New York Stock Exchange.
Following recommendation of a special committee, GasLog’s board members approved the merger agreement and the transaction.
“This transaction is a transformative next step for GasLog, offering shareholders an immediate and considerable premium for their shares and allowing for access to growth capital currently absent in the public equity markets,” said Peter G. Livanos , Chairman of GasLog.
The transaction is expected to close in the second quarter of 2021.