Epic Gasoline completes merger with Lauritzen Kosan
The pressurized gasoline transport operator Epic Gasoline has acquired a brand new identify via a merger with Lauritzen Kosan. The transaction was introduced in December and closed on March 11, and the mixed entity – named BW Epic Kosan – has a market-leading fleet of 76 LPG / ethylene vessels.
The all-stock deal sees Lauritzen Kosan obtain 35 million new shares within the merged firm. An extra 11 million new shares can be issued to a JV half-owned by Lauritzen Kosan. In complete, the transaction will give Lauritzen Kosan a mixed share of round 26% within the new firm.
Epic Gasoline’s mum or dad firm, BW Group, would be the majority shareholder, with a stake of round 58%. The merger strengthens BW Group’s place within the LPG service market, constructing on the dominant place of its subsidiary BW LPG.
The closing additionally included a full refinancing of the Lauritzen Kosan fleet with the participation of SEB, Danske Financial institution, Nordea, Danish Ship Finance and Crédit Agricole CIB.
BW Epic Kosan can be headquartered in Singapore, with Copenhagen as its regional workplace. Epic Gasoline CEO Charles Maltby will stay on the helm of the merged firm, and Lauritzen Kosan CEO Thomas Woidemann will lead the gross sales group.
“With a big and fashionable fleet masking LPG and different petrochemical gases, BW Epic Kosan can be nicely positioned to ship worth to clients, whereas assembly IMO decarbonization targets,” mentioned the CEO of the Lauritizen Basis, Tommy Thomsen in a press launch.