WL Ross & Co. announces agreement to sell its equity interest in Navigator Holdings to BW Group

Dec 17 2020


WL Ross & Co. LLC ("WL Ross") announced that it has agreed to sell, on behalf of funds managed by WL Ross, their approximately 39.1% equity interest in Navigator Holdings Ltd. ("Navigator Holding") to BW Group Limited ("BW Group") at a price of $9.00 per share, which represents a 9.4% premium to Navigator Holdings'10-day volume-weighted average share price as of December 14, 2020.

Hal Malone, Head of Transportation of WL Ross, said, "Navigator Holdings has been an industry leader since we made the initial investment. We think the Company's future is bright, and this long-term investment from BW Group will position the Company to realize its potential." David Butters, Chairman of Navigator Holdings, said, "We would like to thank WL Ross for its many years of investment and support of the Company and we are pleased and very much look forward to the new support of BW Group as we focus on executing our strategy to drive meaningful long-term growth." Andreas Sohmen-Pao, Chairman of BW Group, said "BW is excited to be taking an ownership position in Navigator Holdings, a leading company in its sector, and we look forward to being a supportive shareholder as Navigator continues to pursue its strategic goals."

Moelis & Company acted as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to WL Ross. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to BW Group. 



Related News

$15.2m Investment in a Chemical Tanker

(Jan 14 2021)

The Board of Tufton Oceanic Assets Limited is pleased to announce that the Company has acquired a stainless steel Chemical Tanker for $15.2m.



New Fortress Energy to acquire Golar LNG Partners LP

(Jan 14 2021)

Golar LNG Partners LP announced that it has entered into an agreement and plan of merger with New Fortress Energy Inc.



Performance Shipping Inc. announces delivery of its fifth Aframax tanker, M/T P. Yanbu

(Dec 17 2020)

Performance Shipping Inc., (the “Company”), a global shipping company specializing in the ownership of tankers, announced that in Manila, Philippines, it has taken delivery of the M/T P. Yanbu (formerly “Kalamas”), a 2011-built 105,400 dwt Aframax ta...



KNOT Offshore Partners LP announces acquisition of Tove Knutsen

(Dec 17 2020)

KNOT Offshore Partners LP (the “Partnership”) announced that its wholly owned subsidiary, KNOT Shuttle Tankers AS, has agreed to acquire KNOT Shuttle Tankers 34 AS, the company that owns the shuttle tanker, Tove Knutsen, from Knutsen NYK Offshore Tan...



Maersk Tankers continues growth by adding four Xihe-owned tankers to its pools

(Dec 10 2020)

Maersk Tankers has entered a commercial agreement that sees it take over the running of four product tankers owned by Xihe Holdings (Xihe).



Nov-Dec 2020

Shipping post COVID - practicality of decarbonisation - Hafnia and vessel performance