Invesco has decimated its holding in GasLog Partners, selling more than 7 million shares as the GasLog-BlackRock merger closes.
Atlanta-based Invesco was once GasLog Partners' largest unaffiliated investor with just over 10 million shares as recently as early March before it sold 7.6 million shares, according to Securities and Exchange Commission filings.
Invesco now owns 2.4 million shares, according to a filing on Monday.
In February, gas carrier owner GasLog announced a merger agreement with BlackRock’s Global Energy & Power Infrastructure team that would see the New York-listed company taken private.
The deal saw BlackRock pay $5.80 per outstanding GasLog share.
GasLog Partners will stay public, with chief executive Paul Wogan arguing there is an opportunity in the LNG spot market.
He said the number of spot cargoes had jumped 50% in the last year to a fifth of all LNG cargoes and that GasLog Partner's fleet of 15 ships can make it a "major player" in that market.
Of those 15 ships, seven currently trade in the spot market with eight on charter, the company said in its annual report.
"For us, we see the future very much as an independent stand-alone company," Wogan said on an online panel in early March.
The company also intends to deleverage to bring down its breakeven rate, with an eye on fleet growth through consolidation and buying secondhand ships.
At its height, Invesco's stake was surpassed only by GasLog's with nearly 15 million shares.
On Monday, GasLog Partners shares closed at $2.65, down 15 cents and a year-to-date low.
Its shares hit a high of $4.11 on 19 January.
