Navios Holdings accepts buyout offer from CEO Angeliki Frangou

Ms Frangou owns a 64% controlling stake in Navios Holdings, according to the organisation’s financial reports and Navios said the definitive merger agreement with Ms Frangou would see shareholders holding the remaining 36% of shares receive US$2.28 per share.

The agreement with Ms Frangou’s affiliate N Logistics Holding Corp (NLHC) follows an earlier offer made by the organisation on 13 September 2023, at US$1.84 per share. The higher offer that was accepted represents a premium on Navios Holding’s stock price as of the date of its last closing, 12 September, of approximately 43%, the company said.

The deal to take Navios Holdings private under Ms Frangou is expected to close no later than Q1 2024. It is subject to approval by stockholders at a special meeting and other customary closing conditions. 

"The company’s board of directors, acting on the unanimous recommendation of [a] special committee, approved the merger agreement by unanimous vote of the directors not affiliated with NLHC or its affiliates. The special committee, with the assistance of its independent financial and legal advisors, exclusively negotiated the terms of the merger agreement on behalf of the company," Navios Holdings’ statement said.

The Navios Group controls a diversified fleet of 190 dry bulk, tanker and container vessels. The group also includes Navios South American Logistics Inc, a logistics business with facilities in Uruguay and Paraguay.

In July 2022, Navios Holdings agreed to sell its 36-vessel drybulk fleet to Navios Maritime Partners for an aggregate US$835M consisting of cash and the assumption of bank debt and finance leases related to the vessels. The transaction closed in two tranches. The first tranche, involving the sale of 15 vessels, was completed 29 July 2022. The second tranche, involving the sale of the remaining 21 vessels, was completed 8 September 2022.

The acquisition gave Navios Partners the third-largest dry bulk fleet, and, at the time, the second-largest overall fleet, among US-listed shipping companies, owning and operating a fleet of 90 dry bulk vessels, 49 container ships and 49 tankers, including 22 newbuilding vessels to be delivered by Q1 2025.

In 2021, dry bulk-focused Navios Partners merged with tanker owner Navios Acquisition in a merger that, at the time, was expected to create the largest publicly listed shipping company in the United States with more than 140 vessels spread over the bulker, container ship and tanker segments, aggregating approximately 15M dwt.