General Maritime Corporation and Navig8 Crude Tankers Inc. complete merger to create large owner of modern eco VLCCs
General Maritime Corporation and Navig8 Crude Tankers Inc. have completed a merger to create Gener8 Maritime, Inc., a U.S.-based provider of international seaborne oil transportation services.
In accordance with the terms of the definitive agreement, Navig8 Crude merged with a newly-formed subsidiary of General Maritime and became a wholly-owned subsidiary of General Maritime. General Maritime was renamed Gener8 Maritime.
Navig8 Crude shareholders will receive 0.8947 shares of Gener8 Maritime for each share of Navig8 Crude common stock.
The definitive agreement provides that, following the close of the transaction and subject to certain limitations, the existing General Maritime shareholders own approximately 52.55 percent and Navig8 Crude shareholders own approximately 47.45 percent of the issued and outstanding common stock of Gener8 Maritime, including restricted shares anticipated to be issued after the closing, in accordance with the terms of the definitive agreement.
New-York-headquartered Gener8 Maritime will have a fleet of 46 vessels.