Navios Maritime Partners L.P. Reports Merger with Navios Maritime Acquisition Corporation
Aug 27, 2021 By MarketDepth
“The combined entity will be the largest U.S. publicly-listed shipping company in terms of vessel count, with 15 vessel types diversified across three segments, servicing more than 10 end markets.”
Angeliki Frangou, Chairwoman and Chief Executive Officer
Navios Maritime Partners L.P. (NYSE: NMM) and Navios Maritime Acquisition Corp. (NYSE: NNA) have announced a definitive transaction agreement where shareholders of Navios Acquisition will receive 0.1275 of a common unit of Navios Partners for each outstanding common share of Navios Acquisition. Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, “We are announcing a transformative transaction. The combined entity will be the largest U.S. publicly-listed shipping company in terms of vessel count, with 15 vessel types diversified across three segments, servicing more than 10 end markets. About one-third of our fleet will be in each of the dry bulk, containership and tanker segment. We believe that this combination will result in a stronger, more resilient entity, mitigating sector specific cyclicality. This should enable us to capitalize on opportunities throughout the industry and provide even returns to our stakeholders across cycles.
Expanding Offerings
This combination of two companies with similar core values and beliefs, as it relates to our service offerings, will allow us to continue to deliver the high-quality service that our customers expect. We have a proven model to execute seamless combinations, as evidenced by our prior successful roll-up transactions, and we anticipate a smooth execution for this combination as well.”
Vessels Value $4.2 Billion
Current value of the combined company’s vessels estimated at USD 4.2 Billion, determined by the average of public broker reports. The combined company will also have an enterprise value of USD 2.25 Billion with a USD 1.6 Billion pipeline of contracted revenue.
