WL Ross & Co. Announces Agreement to Sell Its 39.1% Equity Interest in Navigator Holdings to BW Group Limited

Rhea-AI Summary

WL Ross & Co. LLC has agreed to sell its approximately 39.1% equity interest in Navigator Holdings Ltd. (NYSE: NVGS) for $9.00 per share, representing a 9.4% premium to the company's 10-day volume-weighted average price as of December 14, 2020. This strategic move is backed by supportive remarks from both WL Ross and BW Group, highlighting the potential for Navigator's growth and strategic execution. Moelis & Company and Skadden, Arps, Slate, Meagher & Flom LLP advised WL Ross, while Cleary Gottlieb Steen & Hamilton LLP represented BW Group.

Positive

• Sale at $9.00 per share reflects a 9.4% premium to the recent share price.
• Support from BW Group expected to aid Navigator's strategic goals and growth.

Negative

• None.

NEW YORK, Dec. 15, 2020 /PRNewswire/ -- WL Ross & Co. LLC ("WL Ross") today announced that it has agreed to sell, on behalf of funds managed by WL Ross, their approximately 39.1% equity interest in Navigator Holdings Ltd. (NYSE: NVGS) ("Navigator Holding") to BW Group Limited ("BW Group") at a price of $9.00 per share, which represents a 9.4% premium to Navigator Holdings'10-day volume-weighted average share price as of December 14, 2020.

Hal Malone, Head of Transportation of WL Ross, said, "Navigator Holdings has been an industry leader since we made the initial investment. We think the Company's future is bright, and this long-term investment from BW Group will position the Company to realize its potential." David Butters, Chairman of Navigator Holdings, said, "We would like to thank WL Ross for its many years of investment and support of the Company and we are pleased and very much look forward to the new support of BW Group as we focus on executing our strategy to drive meaningful long-term growth." Andreas Sohmen-Pao, Chairman of BW Group, said "BW is excited to be taking an ownership position in Navigator Holdings, a leading company in its sector, and we look forward to being a supportive shareholder as Navigator continues to pursue its strategic goals."

Moelis & Company acted as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to WL Ross. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to BW Group.

About WL Ross & Co. LLC
WL Ross & Co. LLC was founded in 2000 by professionals previously from Rothschild, Inc., who were among the leaders in advising various constituencies in bankruptcies and workouts around the world, assisting in restructuring more than $200 billion of liabilities.   The firm has sponsored and managed private equity investments in a number of sectors including financial services, steel, energy, textiles, shipping, automotive components and other industries.  WL Ross & Co. LLC is an indirect, wholly owned subsidiary of Invesco Ltd.

About Invesco Ltd.
Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in 25 countries, Invesco managed $1.2 trillion in assets on behalf of clients worldwide as of November 30, 2020.  For more information, visit invesco.com.

About Navigator Holdings Ltd.
Navigator Holdings Ltd. is the owner and operator of the world's largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas ("LPG") and ammonia and owns a 50% share, through a joint venture in an ethylene export marine terminal at Morgan's Point, Texas on the Houston Ship Channel, USA. Navigator's fleet consists of 38 semi- or fully-refrigerated liquefied gas carriers, 14 of which are ethylene and ethane capable. The Company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with its sophisticated vessels providing an efficient and reliable 'floating pipeline' between the parties, connecting the world today, creating a sustainable tomorrow.

About BW Group Limited
BW Group is a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies.  Companies affiliated with BW Group control a combined fleet of over 350 ships transporting gas (LNG and LPG), crude oil, oil products, and dry commodities. BW also holds significant positions in companies involved in solar, wind, biofuels and batteries.

Contact: Jeaneen Terrio  Jeaneen.Terrio@invesco.com  212-278-9205

 

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SOURCE Invesco Ltd.

FAQ

What is the significant transaction involving Navigator Holdings Ltd. (NVGS) announced on December 15, 2020?

WL Ross & Co. LLC has agreed to sell its 39.1% equity interest in Navigator Holdings to BW Group for $9.00 per share.

What does the $9.00 sale price per share represent for Navigator Holdings (NVGS)?

The sale price represents a 9.4% premium over Navigator Holdings' 10-day volume-weighted average share price as of December 14, 2020.

Who advised WL Ross in the sale of its shares in Navigator Holdings (NVGS)?

WL Ross was advised by Moelis & Company as the exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as the legal advisor.

How might the sale of Navigator Holdings shares impact its future?

The transaction is expected to position Navigator Holdings for continued growth with the support of its new shareholder, BW Group.