The MSC subsidiary SAS Shipping Agencies Services is taking over the Norwegian car carrier shipping company Gram Car Carriers (GCC).
The companies have agreed on a purchase price. The transaction will take place on 25 July. According to its own information, GCC is the world’s third-largest tonnage provider in the Pure Car Truck Carriers (PCTCs) segment, currently with 17 of its own vessels in the feeder, midsize and Panamax segments.
MSC buys over 90% of the shares
MSC had made an offer of NOK 263.69 per share via SAS. As Gram announced, all regulations according to Norwegian law have been fulfilled. In all likelihood, the purchase will be finalised on 25 July.
The most important shareholders, including the German shipping companies F. Laeisz and AL Group, had already approved the takeover by MSC. They previously held around 56.20% of the shares.
Following the agreement now published, 96.82% of GCC’s capital will be in the hands of SAS: This corresponds to 28.352 million shares, which also includes the 300,000 shares still held directly by Gram. The total value amounts to NOK 7.476 bn (approx. US$696m). Previously, SAS had not held any shares in the car carrier shipping company.
SAS is a wholly owned subsidiary of MSC, the world’s largest container shipping company, which is owned and managed by the Aponte family.
Gram Car Carriers will remain as a brand
Gram Car Carriers will remain as a shipping company and brand even after the takeover. According to its own information, GCC is the world’s third-largest provider of tonnage in the PCTC sector.
The company also announced that it will be delisted from the Oslo Stock Exchange upon SAS’s completion of the acquisition. It will also be removed from the New York OTCQX market, where the shares are currently traded under the name “GCCRF”. According to GCC, separate information on both exits will follow.
