Star Bulk Acquires 16 Ships
Star Bulk Carriers Corp. agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers, the consideration will be determined based on the average vessel valuations by independent vessel appraisers and is subject to adjustments for cash, debt and capex on the closing date. As part of the transaction, the Company will assume debt of $310.0 million.
Star Bulk Carriers Acquires 16 Vessels
Star Bulk Carriers Corp announced that it has agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers, the consideration will be determined based on the average vessel valuations by independent vessel appraisers and is subject to adjustments for cash, debt and capex on the closing date. As part of the transaction, the Company will assume debt of $310.0 million.
