Brief: Stolt-Nielsen buys the chemical tanker operations of Jo Tankers for $575 mln

Stolt-Nielsen

18/07/2016 09:05

July 18 (Reuters) - Chemical tanker operator Stolt-Nielsen 
Ltd SNI.OL :  
    * Stolt-Nielsen agrees to acquire the chemical tanker 
operations of Jo Tankers. 
    * Stolt-Nielsen says funding for transaction has been 
secured through some of Stolt-Nielsen limited's main banks with 
a combination of bridge financing, secured term loans and 
available corporate funds. 
    * Nielsen ltd says total purchase price is approximately 
$575.0 million, including proportional share of newbuildings in 
joint venture. 
    * The transaction  comprises 13 chemical  tankers and  a 50 
pct share  in a joint venture with   eight   chemical   tanker  
newbuildings 
    * Stolt-Nielsen ltd says transaction is subject to 
competition authority approval, with a decision expected before 
end of September 2016. 
    * CEO Niels G. Stolt-Nielsen says transaction  covers the  
tonnage replacement needs for the next  several years 
    * CEO says deal will give some  operational savings and add  
new trade  routes   
 
Source text for Eikon:  ID:nHUG2SpsRx  
Further company coverage:  SNI.OL  
 
 (Reporting By Ole Petter Skonnord) 
 ((olepetter.skonnord@thomsonreuters.com;))