Photo credit: GasLog Partners

Greece-based GasLog Partners, an owner and operator and acquirer of LNG carriers, have received an unsolicited non-binding proposal from GasLog to acquire all of the outstanding common units, representing limited partner interests of the partnership not already beneficially owned by GasLog.

As GasLog says in the offer letter to GasLog Partners, each common unit would receive overall value of $7.70 per common unit in cash.

Specifically, as GasLog Partners said in a statement yesterday, in the proposed transaction it is mentioned that “each common unit would receive overall value of $7.70 per common unit in cash, consisting in part of a special distribution by the Partnership of $2.33 per common unit in cash to be distributed to the Partnership’s unitholders immediately, prior to the closing of the proposed transaction, and the remainder to be paid by GasLog as merger consideration at the closing of the proposed transaction”.

GasLog’s proposal is non-binding and is subject to the negotiation and execution of mutually acceptable definitive documentation, and as GasLog Partners say, it will be reviewed, evaluated, negotiated, accepted or rejected, and there is “no assurance that any definitive documentation will be executed or that any transaction will materialize”.

GasLog Partners fleet consists of 12 wholly-owned LNG carriers as well as two vessels on bareboat charters, with an average carrying capacity of approximately 159,000 cbm.

Source: GasLog Partners LP