BW LPG buys 12 gas carriers from Avance Gas for $1.05 bln (updated)

BW LPG

15/08/2024 11:46

(Adds detail on purchase price, delivery in paragraphs 2-4)
       COPENHAGEN, Aug 15 (Reuters) - BW LPG  BWLPG.OL  said on
Thursday it had agreed to buy 12 Very Large Gas Carriers (VLGC)
from Avance Gas  AGAS.OL  for $1.05 billion.
    BW LPG said the deal would be partly funded by around $585
million in cash and issuing of 19.282 million new shares to
Avance Gas, which would then give it a roughly 13% stake in BW
LPG, it said in a statement.
        The acquisition will increase the number of BW LPG's
owned and operated VLGCs to 53 from 41, it said.
  
    The vessels are scheduled to be delivered between Sept 15
and Dec 31, Avance Gas said in a separate statement.
        Shares in Avance Gas traded 10.8% higher while BW LPG's
shares fell 0.8% shortly after the announcement. 
  

 (Reporting by Louise Breusch Rasmussen, editing by Stine
Jacobsen)
 ((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))