COPENHAGEN (dpa-AFX) - A.P. Møller - Mærsk A/S (AMKAF.PK, AMKBF.PK) said that it has signed an agreement to sell Maersk Tankers A/S to APMH Invest A/S, a subsidiary of A.P. Moller Holding A/S, for $1.171 billion in an all-cash transaction.
The transaction entails a market upside provision regulating total payment should the product tanker market significantly improve with a rebound in vessel values before the end of 2019. The proceeds from the transaction will be used to reduce debt.
A.P. Moller Holding has announced that the company will establish an ownership consortium for Maersk Tankers' fleet with the leading global trading company Mitsui & Co. Ltd. and other potential partners, in which A.P. Moller Holding will be majority shareholder.
A.P. Moller Holding will take over Maersk Tankers entire organisation, portfolio and obligations. As part of the agreement, A.P. Moller Holding will assume all outstanding capital commitments of Maersk Tankers' fleet renewal programme. Closing is expected to take place in October 2017. Closing of the transaction is not subject to merger control approvals.
Copyright RTT News/dpa-AFX