Dry cargo vessel owner and operator Navios Maritime Partners has entered into a definitive merger agreement to take over container shipping company Navios Maritime Containers.
As informed, Navios Partners will acquire all of the publicly held common units of Navios Containers in exchange for common units of Navios Partners.
Under the terms of the transaction, public unitholders of Navios Containers will receive 0.39 of a common unit of Navios Partners for each outstanding common unit of Navios Containers.
The transaction is expected to simplify the capital and organizational structure, create significant savings in public company costs and reduce cost of capital, by increasing trading liquidity, float and access to the capital markets. What is more, the transaction will build scale through a larger, diversified asset base capable of generating increased earnings capacity, enhance credit profile, increase collateral value to assist in refinancing debt maturities as well as provide all public unitholders of Navios Containers with the opportunity to continue to participate in the combined company.
The deal is expected to close in the first half of 2021.
Navios Partners currently operates a fleet of 55 vessels comprising dry bulk and container vessels, while Navios Containers has a fleet of 29 containerships. Both companies are based in Monaco.