BlackRock Team Buying 45% Interest in GasLog Ltd
February 22 2021 - 7:51AM
Dow Jones News
By Chris Wack
BlackRock's Global Energy & Power Infrastructure team will
buy all outstanding common shares of GasLog Ltd. that aren't held
by certain existing shareholders for $5.80 in cash per common
share.
The acquisition price represents a 17% premium to the closing
price of GasLog's common shares Friday, and a 22% premium to the
volume weighted average share price of GasLog's common shares over
the last 30 days.
Immediately following the deal's completion, rolling
shareholders will continue to hold 55% of GasLog, and Global Energy
& Power Infrastructure will hold 45%. The common shares of
GasLog will be delisted from the New York Stock Exchange.
The transaction is expected to close in the second quarter of
2021.
GasLog's preference shares, as well as the common and preference
units of GasLog Partners LP, are expected to remain outstanding and
continue to trade on the New York Stock Exchange immediately
following completion of the transaction.
GasLog shares rose 18% to $5.82 in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 22, 2021 07:36 ET (12:36 GMT)
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