Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers, representing approximately 14 per cent of Star Bulk’s common shares, and to assume certain debt relating to the acquired vessels. The transaction is expected to close in the second quarter of 2018, subject to closing conditions being satisfied.
Augustea Group is a leading global provider of sea transportation services in dry bulk shipping, deep sea towing and barge transportation. York Capital Management is a global institutional investment management firm, amongst the largest hedge funds in the world.
Reed Smith’s team was led by Corporate partner Mark Sanders and senior associate Johnathan Webber, Financial Industry Group partner Panos Katsambas and Shipping partners Rob Wilkins (all London) and Greg Chase (New York).
Financial Industry Group partner Panos Katsambas said “We are very pleased to advise Augustea and York on this transaction, which demonstrates the trend towards consolidation in the shipping industry. We expect further consolidation to follow, and Reed Smith’s global M&A and private equity expertise combined with our market-leading Shipping industry group means we are uniquely positioned to support our clients in this sector”.
Reed Smith combines global offices, leading industry expertise and strength in international M&A and private equity to help drive progress in our clients businesses.
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