Norwegian shipowner Ocean Yield will bid farewell to the Oslo Stock Exchange next week following its takeover by US private equity giant Kohlberg Kravis Roberts (KKR).
The sale-and-leaseback specialist's last day of trading will be 20 December, the company said.
KKR completed its NOK 7.2bn ($829.5m) takeover on 1 December, reaching 94% of the share capital.
All other shares will be acquired in a compulsory acquisition offer, Ocean Yield has said.
KKR had signalled that as a result of this offer, a delisting would be pursued.
Shares stay at offer level
The original KKR offer was at NOK 41 per share and the share remains at that level in Oslo today.
A KKR unit called Octopus Bidco reached a deal with major Ocean Yield shareholder Kjell Inge Rokke to buy the company back in September.
A source familiar with KKR told TradeWinds that the group became involved as a result of a strategic review by Rokke's Aker group of its ownership interest in Ocean Yield.
Aker, the largest shareholder through subsidiary Aker Capital, owned 61.65% of Ocean Yield.
Ocean Yield has a fleet including tankers, bulkers and containerships, with charter parties such as Navig8, Scorpio Tankers and Okeanis Eco Tankers, as well as a small stake in offshore vessel owner Solstad Offshore.
KKR already has many shipping investments, including Chembulk Tankers and Borealis Finance, which it controls, and a 37% stake in ship repairer Hyundai Global Service, plus holdings in finance provider Australis Maritime and Embarcadero Maritime, which invests in distressed shipping assets.
The private equity company also revealed a 5% stake in tanker giant Euronav last year and backs Pillarstone, the owner of Italian tanker company Premuda.
