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Hogan Lovells advises board of Eagle Bulk Shipping Inc. on deal to create global leader in dry bulk shipping
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| 15
December
2023
Washington, D.C., 15 December 2023 – Global law firm Hogan Lovells advised the board of directors of Eagle Bulk Shipping Inc. (“Eagle”), one of the world’s largest owner-operators within the midsize dry bulk vessel segment, in its definitive agreement to combine with Star Bulk Carriers Corp. (“Star Bulk”), a global shipping company focusing on the transportation of dry bulk cargoes.
The transaction calls for an all-stock merger on a Net Asset Value to Net Asset Value basis with a pro forma market capitalization of approximately US$2.1 billion.
Following closing of the transaction, the combined company, which will operate as Star Bulk Carriers Corp., expects to realize strategic and financial benefits from cost and revenue synergies. More about the agreement can be found here.
Under the terms of the agreement, Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned, representing a total consideration of approximately $52.60 per share. Upon the close of the transaction, Star Bulk and Eagle shareholders will own approximately 71% and 29% of the combined company, respectively, on a fully diluted basis. The transaction is expected to close in the first half of 2024, subject to approval by Eagle shareholders and customary closing conditions.
The Hogan Lovells Washington D.C.-based team was led by partner John Beckman and counsel Matt Bowles, with support from associates Leia Scott and Peter Lattanzio.
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