Navios Maritime acquires Kleimar for $165.6m
Navios Maritime Holdings has acquired all of the outstanding share capital of Belgian maritime transport company, Kleimar, for $165.6 million in cash, subject to certain anticipated cash adjustments.
The net cash consideration paid for the shares is expected to be approximately $140.3 million, after taking into account the cash retained on Kleimar's balance sheet and certain proceeds from an asset sale triggered by the change in control of Kleimar.
Kliemar also has outstanding debt of approximately $21.3 million.
Established in 1993, Kleimar owns and operates capesize and panamax vessels. The company has an extensive Contract of Affreightment ("COA") business, a large percentage of which involves transporting cargo to China.
Kleimar currently controls twelve vessels, of which it has ownership interests in three. One of the owned vessels will be sold as a result of the change in control. The long-term chartered-in fleet consists of five capesize vessels, three panamaxes and one handymax. Kleimar also has purchase options on two capesize vessels, exercisable during the first quarter of 2008.
Navios chairman & CEO Ms Angeliki Frangou said that the acquisition has given Navios a strong foothold in the capesize sector, which is in great demand for transporting iron ore and coal.
The net cash consideration paid for the shares is expected to be approximately $140.3 million, after taking into account the cash retained on Kleimar's balance sheet and certain proceeds from an asset sale triggered by the change in control of Kleimar.
Kliemar also has outstanding debt of approximately $21.3 million.
Established in 1993, Kleimar owns and operates capesize and panamax vessels. The company has an extensive Contract of Affreightment ("COA") business, a large percentage of which involves transporting cargo to China.
Kleimar currently controls twelve vessels, of which it has ownership interests in three. One of the owned vessels will be sold as a result of the change in control. The long-term chartered-in fleet consists of five capesize vessels, three panamaxes and one handymax. Kleimar also has purchase options on two capesize vessels, exercisable during the first quarter of 2008.
Navios chairman & CEO Ms Angeliki Frangou said that the acquisition has given Navios a strong foothold in the capesize sector, which is in great demand for transporting iron ore and coal.