GasLog wraps up merger with GasLog Partners

Greek LNG shipping firm GasLog has completed its previously announced merger agreement with NYSE-listed GasLog Partners.

In January this year, GasLog sent a non-binding proposal to acquire all of the outstanding common units representing limited partner interests of GasLog Partners not already beneficially owned by GasLog.

After that, the two firms entered a definitive merger deal in April and they now completed the transaction.

GasLog acquired the outstanding common units of the Partnership for $8.65 per common unit in cash.

According to a statement by GasLog Partners issued on Thursday, the closing of the transaction earlier today follows a special meeting of the common unitholders of the company held virtually on July 7.

During the meeting, common unitholders voted to approve the agreement.

Following completion of the deal, trading in the Partnership’s common units on the New York Stock Exchange will be suspended with immediate effect.

GasLog Partners expects the delisting of the common units from the NYSE to be effective in about 10 days.

The firm added that the preference units of the Partnership will remain outstanding and continue to trade on the NYSE.

The fleet of GasLog Partners consists of 11 wholly-owned LNG carriers as well as three vessels on bareboat charters, with an average carrying capacity of about 159,000 cbm.

In total, the fleet of both GasLog and GasLog Partners consists of 38 LNG carriers with 33 on the water, one undergoing conversion to an FSRU, and four under construction.

Back in June 2021, GasLog completed its transaction with BlackRock’s Global Energy & Power Infrastructure team, taking the firm private.

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