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

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.