Navios Maritime Acquisition Corporation (NMA) has acquired Navios Maritime Midstream Partners (NMP) in a move that consolidates the two VLCC fleets at a time of rising VLCC rates.
Officially the acquisition is described as ticking a number of boxes such as simplifying the capital and organisational structure and increase trading liquidity and float of the Navios Acquisition common stock.
Under the terms of the transaction, public unitholders of NMP may exchange each NMP common unit for either:
The law firm of Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor and S Goldman Advisors LLC acted as financial advisor to Navios Acquisition.
Latham & Watkins LLP acted as legal advisor and Simmons & Company acted as financial advisor to the Conflicts Committee of Navios Midstream.
Business, operational and technical issues impacting the crude, product and chemical tanker trades will be discussed in London at the Tanker Shipping & Trade Conference, Awards & Exhibition, 20-21 November 2018.