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Shareholders approve plan for GasLog to go private

By LNG Prime Staff
Shareholders approve plan for GasLog to go private
Image: GasLog

Peter Livanos-led GasLog said its shareholders have approved a plan revealed earlier this year under which the NYSE-listed LNG shipping firm would go private.

BlackRock’s Global Energy & Power Infrastructure Fund entered into a merger deal with GasLog in February.

Under the deal, GEPIF would acquire all of the outstanding common shares of GasLog not held by certain existing shareholders. These include Blenheim Holdings, wholly-owned by the Livanos family, and an affiliate of the Onassis Foundation.

GasLog said in a statement on Monday that its shareholders voted to approve the proposed transaction at a special general meeting held on June 4.

GEPIF will pay $5.8 per share in cash to get about 45% shares in GasLog. Blenheim Holdings and the Onassis Foundation will continue to have a 55% stake in the Greece-based LNG shipper.

Following the completion of the transaction, GasLog will delist its common shares from the New York Stock Exchange.

GasLog said it expects the transaction to close on or about June 9.

The company’s consolidated fleet consists of 35 LNG carriers. Of these vessels, the firm owns 18 LNG carriers while its unit GasLog Partners controls 15 carriers.

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