GasLog Ltd said on Thursday it has completed the takeover of US-listed affiliate GasLog Partners, which will be taken private by the end of the month.
The deal, under which Peter Livanos and BlackRock-backed GasLog Ltd moved to buy the roughly 70% of GasLog Partners shares it did not already own in a deal worth around $450m, was announced in January and final agreement was reached in April.
As of Friday, GasLog Partners shares will stop trading on the New York Stock Exchange (NYSE) and will be delisted about 10 days later, the company said.
GasLog Partners’ three separate sets of preferred shares outstanding, however, will continue trading on the NYSE.
GasLog Ltd itself was taken off public markets in early 2021 by BlackRock’s Global Energy & Power Infrastructure.
Company data as of 24 February showed BlackRock continued to be the biggest single shareholder of GasLog Ltd with a 44.8% stake, against 43.5% held by Livanos.
The third-largest shareholder is the Alexander Onassis Foundation (11.7%).
The merger with GasLog Partners creates an entity with a combined fleet of 25 wholly owned LNG carriers — at least two of which will soon operate as floating storage and regasification and floating storage units — and four LNG carrier newbuildings.
The post-merger GasLog fleet separately includes a 25%-owned LNG carrier and a further nine LNG vessels on bareboat charter.
According to GasLog Ltd’s latest annual report, the combined entity’s biggest charterer is Shell, which employs nine Gaslog Ltd and GasLog Partners vessels under long-term contracts.
Shell accounted for nearly one-third of GasLog Partners’ revenue last year.
Another major charterer is Cheniere, which has fixed four GasLog Ltd and one GasLog Partners vessel. Other charterers include Centrica, Mitsui, Endesa, Jera, TotalEnergies, Trafigura and Gunvor.
