Maritime Partners, LLC has recently acquired American Tanker Holding Company (ATHC) from project Merchant Acquisition LLC, a firm owned by a fund managed by Maritime Partners. The deal amounted to $249.3 million, which will be divided between the purchase of ATHC shares and the repayment of a shareholder loan. The transaction reflects an enterprise value of ATHC of $746.7 million and is expected to close on or before October 31.
AMSC ASA, the parent company of ATHC, expressed satisfaction with the acquisition, stating that Maritime Partners is a leading Jones Act leasing company. AMSC has been the owner of ATHC for over 18 years, during which it has generated significant financial profits for the company and its shareholders.
ATHC is a provider of maritime transportation services in the United States Jones Act market. Its subsidiary owns a fleet of nine handysize products tankers and one handysize shuttle tanker, all of which are on long-term bareboat charter to Overseas Shipholding Group Inc. (OSG) or Keystone Shipping Co.
Pareto Securities AS provided a fairness opinion to AMSC and confirmed that the transaction is financially fair for the company. The acquisition of ATHC by Maritime Partners presents a promising opportunity for both parties.
In conclusion, Maritime Partners’ acquisition of American Tanker Holding Company from AMSC is a significant development in the maritime transportation sector. The deal, worth $249.3 million, reflects the value and potential of ATHC in the Jones Act market. With the transaction set to close by October 31, both AMSC and Maritime Partners are looking forward to the positive outcomes this acquisition will bring.
