International Seaways to Buy Diamond S Shipping in $416 Million Deal

Home Community Industry News International Seaways to Buy Diamond S Shipping in $416 Million Deal

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    Greensea Systems
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    Tanker operator International Seaways Inc said on Wednesday it will buy Diamond S Shipping Inc for about $416 million, as it aims to expand its crude shipping capacity and create one of the largest U.S.-listed tanker companies.

    Diamond S shareholders will receive $10.17 per share, or 0.55375 shares, of International Seaways’ stock for each share of Diamond S common stock held, representing a premium of about 5.9% to Tuesday close.

    International Seaways, which will become the second largest U.S.-listed tanker company by vessel count after the deal, will also assume Diamond S’ net debt of about $565 million.

    Read more by visiting MarineLink.com

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