International Seaways makes Diamond S acquisition official
Deal creates second-largest US-listed tanker company by vessel count and third-largest by carrying capacity.
International Seaways has made its $2.2bn all-stock acquisition of Diamond S Shipping official. The closure of the deal was announced by Seaway’s Lois Zabrocky on Friday.
Seaways shareholders now control about 55.75% of the combined company and Diamond S investors 44.25%.
The deal has been more than a year in the making and will turn the two Connecticut neighbours into the second-largest US-listed tanker company by vessel count and the third-largest by capacity.
“We are pleased to complete this transformational and highly accretive transaction, solidifying our position as a diversified tanker sector bellwether,” Zabrocky said.
“With enhanced scale, financial strength and commercial expertise, we have markedly strengthened our position to capitalize on favorable long-term industry fundamentals in both the crude and product markets.”
