Saltchuk Resources will acquire transportations services provider Overseas Shipholding Group Inc. (Source: Shutterstock)
Saltchuk Resources will acquire transportations services provider Overseas Shipholding Group Inc. (OSG), OSG said May 20.
Saltchuk agreed to acquire OSG in a transaction valuing OSG at an aggregate equity value of approximately $653 million and a total transaction value of $950 million. The transaction will be funded through a combination of committed debt financing and cash on hand.
Under the terms of the agreement, Saltchuk will commence a tender offer to acquire all outstanding shares of OSG it does not already own for $8.50 per share in cash.
Following the close of the transaction, OSG will operate as a standalone business unit within Saltchuk, becoming a member of its freight transportation, marine service and energy distribution companies.
Evercore acted as exclusive financial adviser to OSG. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal adviser. K&L Gates LLP is acting as legal adviser to Saltchuk and BDT & MSD Partners is acting as Saltchuk’s financial adviser.
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