Peter Livanos-controlled GasLog has seen a switch around in its key backers as private equity investor BlackRock is selling out to Singapore sovereign investment arm GIC.
GasLog said GIC will acquire BlackRock’s approximately 45% shareholding in the company which is held by managed fund Global Infrastructure Partners (GIP). BlackRock acquired GIP this month.
Blenheim Holdings, which is wholly owned by the Livanos family, and the Onassis Foundation, will maintain their respective shareholdings of about 55% in GasLog, the company said.
The LNG shipowner said: “GasLog has enjoyed an excellent partnership with BlackRock since 2021,” building up its LNG fleet during the period.
GasLog chairman Livanos said: “We are delighted to welcome GIC as our new partner.”
Livanos said GIC’s long-term investment horizon and focus on safety and operational excellence align with GasLog’s corporate values.
He said: “GIC has a track record of success in supporting energy infrastructure businesses, further enhancing GasLog’s core strengths and capital flexibility. Their global reach will also be a benefit to us as we pursue attractive growth opportunities in the future.”
The transaction is expected to close in the fourth quarter of this year subject to regulatory approvals and customary closing conditions.
TradeWinds first flagged up that GasLog and BlackRock were set to part company in June, with the investment bank said to be seeking a sale.
At the time, sources indicated that while Livanos was not as keen to reinvest, its key shareholder, BlackRock, wanted to see growth and return on its capital.
