BlackRock Takes GasLog Private
Posted on 02/23/2021
BlackRock’s Global Energy & Power Infrastructure team signed a deal to buy all of the outstanding common shares of GasLog that are not held by certain existing shareholders of GasLog, including Blenheim Holdings Ltd., which is wholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation (collectively, the “Rolling Shareholders”), in exchange for $5.80 in cash per common share. The $5.80 per share acquisition price represents a 17% premium to the closing price of GasLog’s common shares on February 19, 2021 and a 22% premium to the volume weighted average share price of GasLog’s common shares over the last 30 days. Gaslog has a transaction enterprise value of approximately US$ 4.9 billion.
Immediately following the completion of the deal, the Rolling Shareholders will continue to hold approximately 55% of the outstanding common shares of GasLog and BlackRock will hold approximately 45%. Promptly after completion of the transaction, the common shares of GasLog will be delisted from the New York Stock Exchange. GasLog’s preference shares as well as the common and preference units of GasLog Partners LP are expected to remain outstanding and continue to trade on the New York Stock Exchange immediately following the completion of the transaction.
GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog’s consolidated fleet consists of 35 LNG carriers. GasLog’s principal executive offices are at 69 Akti Miaouli, 18537 Piraeus, Greece.
Evercore is acting as financial advisor to the Special Committee and Cravath, Swaine & Moore LLP and Appleby (Bermuda) Limited are acting as legal counsel to the Special Committee. Credit Suisse Securities (USA) LLC is acting as financial advisor to GasLog. Linklaters LLP is acting as legal counsel to Blenheim Holdings Ltd.