Fried Frank Wins Marine Money's 2024 Jones Act Deal of the Year Award for OSG Transaction
Deal News | Apr 21, 2025 | Fried Frank
Fried Frank, a prominent law firm, secured Marine Money's 2024 Deal of the Year award in the Jones Act Deal of the Year category for its advisory role in the $950 million merger between Overseas Shipholding Group (OSG) and Saltchuk Resources, Inc. This significant transaction, which closed in July 2024, resulted in OSG becoming a wholly owned subsidiary of Saltchuk and operating as an independent business unit within its new parent company. The successful execution of this deal brought together the expertise of global shipowners, bankers, financial advisors, and legal teams in addressing the needs of a pivotal industry.
Sectors
- Legal Services
- Marine Transportation
- Mergers and Acquisitions
Geography
- United States – The transaction involves U.S.-based companies, Overseas Shipholding Group and Saltchuk Resources, operating under the Jones Act.
Industry
- Legal Services – Fried Frank played a significant legal advisory role in the merger transaction, providing crucial legal assistance to the parties involved.
- Marine Transportation – The deal involved Overseas Shipholding Group, a major player in marine transportation, highlighting the sector's significance in the transaction.
- Mergers and Acquisitions – The article centers on the merger of Overseas Shipholding Group with Saltchuk Resources, marking a significant M&A event.
Financials
- $950 million – The value of the merger transaction between Overseas Shipholding Group and Saltchuk Resources.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fried Frank | Legal advisor | Company | A prominent law firm that advised Overseas Shipholding Group in their merger transaction. |
| Overseas Shipholding Group (OSG) | Target company | Company | A marine transportation company that became a wholly owned subsidiary of Saltchuk after the merger. |
| Saltchuk Resources, Inc. | Bidding company | Company | A diversified transportation and distribution company that acquired Overseas Shipholding Group. |
| Marine Money | Awarding body | Other Company | An organization that recognizes outstanding financial transactions in the marine industry. |
| Philip Richter | Lead advisor | Person | A partner at Fried Frank who led the legal advisory team for the OSG-Saltchuk merger. |