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Bermuda shipping company buys stake in LNG business
Published by: Sandy Bhadare at 17 Dec 2020 Bermuda-headquartered shipping and oil and gas production company BW Group has bought an approximate 39.1.
Bermuda-headquartered shipping and oil and gas production company BW Group has bought an approximate 39.1% stake in United Kingdom liquefied natural gas (LNG) carrier services company Navigator Holdings.
BW Group will acquire the shares in New York Stock Exchange-listed Navigator Holdings from funds managed by United States private equity company WL Ross & Co, founded 20 years ago by Rothschild & Co veterans.
The selling price of USD 9 per share represents a premium of 9.4%.
Cleary Gottlieb Steen & Hamilton acted as legal adviser to BW Group on the acquisition, with Skadden, Arps, Slate, Meagher & Flom acting for WL Ross.
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Private equity firm WL Ross & Co. said it has agreed to sell its approximately 39.1% equity interest in ship owner-operator Navigator Holdings to maritime and offshore company BW Group at a price of $9 per share. 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, said Hal Malone, Head of Transportation of WL Ross.
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.