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HomeMaritime NewsRegionsEuropeCompetition authorities approve Stolt-Nielsen’s acquisition of Jo Tankers

Competition authorities approve Stolt-Nielsen’s acquisition of Jo Tankers

Competition authorities approve Stolt-Nielsen’s acquisition of Jo Tankers
Stolt-Nielsen has received unconditional approvals from the competition authorities for the acquisition of Jo Tankers’ chemical tanker operations, paving the way for the deal to be completed before end-November this year.

The transaction comprises 13 chemical tankers and a 50% share in a joint venture with eight chemical tanker newbuildings, representing an enterprise value of $575m. The deal was announced by Stolt-Nielsen in July this year.

“The acquired ships would satisfy the tonnage-replacement needs of the Stolt Tankers' fleet for the next several years and add new trade routes that enhance the company's global service capabilities,” Stolt-Nielsen said.

“Funding for the transaction has been secured through Stolt-Nielsen Limited's main commercial banks with a combination of bridge financing, secured term loans and corporate funds,” it added.

TAGS: Tankers Finance & Insurance Regions Stolt Nielsen chemical tankers
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