Andreas Sohmen-Pao’s BW Group is on the acquisition trail again. Today it reported that it hadpurchased a 54.7% stake Epic Gas from key shareholders and launched an unconditional tender offer to acquire the remaining shares in company.
The Epic Gas board has appointed Andreas Sohmen-Pao (Chairman, BW Group) and Billy Chiu (Executive Vice President, BW Group) as new directors of the company.
Epic Gas, which is listed on Oslo’s Merkur Market currently operates a fleet of 39 pressurized LPG vessels.
BW Group’s family of companies and affiliates currently control over 300 vessels across the offshore supply, crude oil, refined product, dry bulk, LPG Shipping, LNG shipping, and LNG storage and regasification verticals.
BW Group is offering $1.60 a share for the outstanding shares in Epic plus “an additional consideration equal to $3,500,000 divided by the total number of shares acquired under the Offer and the Share Purchase, provided that the additional consideration will in no event be higher than $0.10 per share.
Andreas Sohmen-Pao, Chairman of BW Group said, “BW Group is pleased to acquire this shareholding in Epic Gas with its strong operational platform and quality fleet. The transaction represents an opportunity to acquire a well-managed company, led by Charles Maltby, and we look forward to working together to achieve successful growth in the service of our customers.”
More from BW Group HERE
More from Epic Gas HERE