GasLog and GasLog Partners Enter Merger Agreement

In response to the offer made public in January 2023, the parties have now formally agreed to the purchase of all outstanding common units of GasLog Partners that are not beneficially owned by GasLog.

GasLog Partners will make a special cash distribution of $3.28 per common unit to the GasLog Partner’s unitholders in connection with the closing of the transaction, and GasLog will pay the remaining $8.65 per common unit as merger consideration at the closing of the transaction. GasLog said it will purchase the outstanding common units of GasLog Partners that are not beneficially owned by GasLog for this price.

As previously stated, the GasLog Partners Board of Directors unanimously approved the merger agreement and the transaction upon the advice of the conflicts committee.

Subject to the acceptance of the deal by holders of a majority of the common units of GasLog Partners and the fulfillment of certain customary closing conditions, the transaction is anticipated to close by the end of the third quarter of 2023.

GasLog has a support agreement with GasLog Partners, which requires it to vote its common units in favor of the merger. GasLog owns 30.2 percent of the common units of GasLog Partners.

The combined fleet of GasLog consists of 38 LNG carriers (33 on the water, four under construction, and one vessel undergoing conversion into a floating storage and regasification unit).

Eleven fully owned LNG carriers and three bareboat leased boats make up GasLog Partners’ fleet, which has a carrying capacity of roughly 159,000 cbm on average.