GasLog announces private transaction with BlackRock

GasLog Ltd. today announced a merger with BlackRock’s Global Energy and Power Infrastructure Team (GEPIF). Under the merger agreement, GEPIF will acquire all of the outstanding common shares of GasLog in exchange for $5.80 in cash per common share.

A special committee of the Board of Directors of GasLog unanimously recommended that the board approve the merger agreement and determined that the transaction was in the best interests of the company and its public shareholders.

Peter G. Livanos, Chairman of GasLog, said: “This transaction is a transformative next step for GasLog, offering shareholders an immediate and considerable premium for their shares and allowing for access to growth capital currently absent in the public equity markets… I am delighted to be partnering with BlackRock’s GEPIF team, an ideal complement to our management team, given our shared values of safety, sustainability and operational excellence.” 

Mark Florian, Head of BlackRock’s GEPIF, commented: “We are excited to partner with GasLog’s world-class management team to facilitate the company’s strong capabilities in meeting the growing global demand for LNG, particularly in Asia, through its fleet of modern, efficient vessels.”

The transaction is expected to close in the second quarter of 2021, subject to approval by shareholders. 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 deal.