Pangaea: Finalizes $271M Merger with MT Maritime
Deal News | Jan 06, 2025 | EIN
Pangaea Logistics Solutions has finalized a $271 million acquisition of 15 bulkers from private MT Maritime, marking a significant expansion in their fleet. Listed on the New York stock exchange, Pangaea confirmed the transaction followed the approval by its stakeholders in a vote held on January 30. The vessels acquired originate from MT Maritime's Strategic Shipping Inc, based in Connecticut. This shares-based deal represents a strategic move for Pangaea, bolstering its logistics capabilities and fleet size.
Sectors
- Logistics and Shipping
- Mergers and Acquisitions
Geography
- United States – Pangaea Logistics is listed in New York, and MT Maritime is based in Connecticut, indicating the geographical context.
Industry
- Logistics and Shipping – The acquisition involves vessels which are key assets in the logistics and shipping industry.
- Mergers and Acquisitions – The article discusses a significant M&A transaction involving the acquisition of vessels.
Financials
- $271 million – The deal value for the acquisition of 15 vessels from MT Maritime.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Pangaea Logistics Solutions | The Bidding Company | Company | An international provider of seaborne drybulk transportation services and logistics solutions. |
| MT Maritime (MTM) | The Selling Company | Company | A private shipping company that owned the 15 handysize vessels. |
| Strategic Shipping Inc (SSI) | Fleet/Owner | Company | An MTM vehicle that owned the vessels involved in the transaction, based in Connecticut. |
| Shareholders of Pangaea Logistics | Stakeholders | People | Approved the acquisition in a shareholder vote on January 30. |