MPC Container Ships ASA has completed its acquisition of Songa Container AS pursuant to the share purchase agreement to acquire 100% of the shares in Songa for a total value of USD 210.25 million on a debt and cash free basis, as entered into and announced on 22 June 2021, according to the company's release.
The consideration is paid partly in cash and partly in new shares, and in total 49,795,250 new shares are being issued in relation to the transaction. The selling shareholders of Songa who are receiving consideration shares have entered into customary undertakings with MPCC pursuant to which the consideration shares are subject to lock-up of up to 3 months from completion of the acquisition.
About MPC Container Ships ASA:
MPC Container Ships ASA was formed in April 2017. Its main activity is to own and operate a portfolio of container ships serving intra-regional trade lanes. The company is registered and has its business office in Oslo, Norway.