BW Group, one of the world’s largest gas shipping companies, is making a bid to expand its holdings in the shorthaul and regional LPG trade by acquiring the remaining shares in Epic Gas.
BW Group acquired 54.7% of the issued shares of Epic Gas earlier this year for about US$50M. It is offering US$1.60 per share to acquire the remaining shares in Epic Gas.
Epic Gas shareholders have until 12 April 2019 to accept the offer.
Subject to the final level of acceptances after the offer period expires, BW Group intends for Epic Gas to maintain its listing on Merkur Market and welcomes shareholders who would like to continue to hold shares in the company.
BW Group chairman Andreas Sohmen-Pao said “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”.
Epic Gas is the largest commercial operator and second-largest owner of small pressurised LPG carriers, which mostly carry propane and butane. It has a fleet of 39 vessels ranging from 3,500-11,000 m3 that typically serves the shorthaul or regional LPG and chemicals trade.
Established as World-Wide Shipping in Hong Kong in 1955, BW Group operates the world’s largest gas shipping fleet (LNG and LPG combined), with 70 large gas vessels, including three floating storage and regasification units. With corporate offices in Singapore and Norway, BW Offshore operates the world’s second-largest floating oil and gas production fleet with 15 units in the US, Brazil, Mexico, West Africa, North Sea and Australasia. BW’s fleet also includes crude oil supertankers, refined oil tankers, chemical tankers and dry bulk carriers.