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Navios swoops again

Written by Nick Blenkey
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APRIL 28, 2017 — Navios Maritime Holdings Inc. (NYSE:NM) reports that it has signed an exclusivity agreement and term sheet to purchase directly or indirectly, 100% of FSL Asset Management Pte. Ltd. and not less than a total of 50.1% of First Ship Lease Trust.

The news comes one week after the announcement that Navios Maritime Partners L.P. has agreed to acquire the entire Rickmers Maritime container fleet for about $113.0 million.

FSL Trust is a Singapore-based business trust that owns a diversified fleet of 22 modern and high-quality oceangoing vessels that includes 12 product tankers, three chemical tankers, two crude oil tankers and five containerships.

The FSL Trust Fleet described as “a natural fit for the 170+ vessel diversified fleet controlled by Navios, which includes dry bulk and container vessels as well as crude and product tankers.

The acquisition is subject to a number of conditions, including (1) the satisfactory restructuring of the existing mortgage debt and other loan facilities of FSL Trust, (2) waiver by the Securities Industry Council of any obligation for Navios to make a mandatory take-over offer for all the units in FSL Trust (the “Whitewash Waiver”) and (3) approval of FSL Trust’s independent unitholders of the Whitewash Waiver.

The parties have agreed to negotiate exclusively with each other and will seek to execute definitive agreements by 30 September 2017.

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