GasLog Ltd. has entered into an agreement and plan of merger with BlackRock’s global energy and power infrastructure team, which is focused on essential, long-term infrastructure investments in the energy and power sector. Under the merger agreement, GEPIF will acquire all of the outstanding common shares of GasLog that are not held by certain existing shareholders of GasLog, including Blenheim Holdings Ltd., which is wholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation, in exchange for $5.80 in cash per common share. The members of the board unanimously approved the merger agreement and transaction.
“This transaction is a transformative next step for GasLog, offering shareholders an immediate and considerable premium for their shares and allowing for access to growth capital currently absent in the public equity markets,” said Peter G. Livanos, chairman of GasLog. “I am delighted to be partnering with BlackRock’s GEPIF team, an ideal complement to our management team, given our shared values of safety, sustainability and operational excellence. BlackRock’s GEPIF team has a track record of success in supporting energy infrastructure businesses such as ours. I am confident that our employees offshore and on shore, customers and lending relationships will enjoy the many and substantial benefits of this partnership.”
“We are excited to partner with GasLog’s world-class management team to facilitate the company’s strong capabilities in meeting the growing global demand for LNG, particularly in Asia, through its fleet of modern, efficient vessels,” said Mark Florian, head of BlackRock’s Global Energy & Power Infrastructure team. “As the global shift to more environmentally-friendly energy sources such as natural gas and renewables from coal and other fuels continues, we are pleased to invest in an infrastructure business supported by long-term contracts with leading energy companies and that supports the global energy transition.”
Evercore is acting as financial advisor to the special committee and Cravath, Swaine & Moore LLP and Appleby Limited are acting as legal counsel to the special committee. Credit Suisse Securities LLC is acting as financial advisor to GasLog. Linklaters LLP is acting as legal counsel to Blenheim Holdings Ltd.