GasLog shareholders approve BlackRock entry
Shareholders at Greek LNG tanker owner GasLog have approved private equity firm Blackrock's purchase of a 45% stake in the company, GasLog said on June 7.
BlackRock's Global Energy & Power Infrastructure (GEPIF) unit in February agreed to buy all outstanding shares in GasLog that were not held by certain existing shareholders including Blenheim Holdings, wholly owned by the Livanos family, and a subsidiary of Onassis Foundation. These investors will retain 55% of the business after the closure of the BlackRock deal, which is expected on or around June 9.
Around 93% of shareholders voted in support of the transaction.
GasLog operates a fleet of 35 LNG carriers. It earned an adjusted profit of $31.8mn in the first quarter, up from $27.8mn a year earlier, on the back of reduced costs and a gain on derivatives.