MPC Container Ships ASA reveal on Tuesday that it has actually finished its procurement of Songa Container AS.
MPC revealed in June that it had actually gone into the share acquisition arrangement to obtain 100% of Songa shares for $210.25 million on a financial obligation and also cash money cost-free basis.
Constantin Baack, Chief Executive Officer of MPC Container Ships, stated, “It is with great pleasure we announce the successful closing of this milestone transaction. Charter rates have continued to rise since the signing of the agreement, improving the risk-reward dynamics of the transaction even further. This transaction will have an immediate accretive impact on our earnings in a surging container market. Our growing fleet reinforces our industry leading position as an intra-regional trade tonnage provider. The visibility of strong cash generation for the years ahead combined with an extremely low residual value risk makes MPCC an attractive and unique investment opportunity during these exciting times in container shipping.”
Songa chairman Arne Blystad stated, “We are excited to join forces with MPCC. The company is perfectly positioned to generate super profits in the current strong container market and to consolidate this segment further. The present market parameters constitute one of the most attractive opportunities in container shipping in the last decades.”
MPC Container Ships kept in mind the factor to consider is paid partially in cash money and also partially in brand-new shares, and also in overall 49,795,250 brand-new shares are being provided in regard to the deal. The marketing investors of Songa that are obtaining factor to consider shares have actually become part of normal endeavors with MPCC according to which the factor to consider shares go through lock-up of as much as 3 months from conclusion of the procurement.
