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UPDATE 1-Belgian tanker operator Euronav to buy U.S. peer Gener8 Maritime [Reuters]

GENER 8 MARITIME INC (GNRT)  More Company Research Source: Reuters
Last gener 8 maritime inc earnings: 5/9 05:27 pm Check Earnings Report
US:NYSE Investor Relations: ir.gener8maritime.com
PDF Belgian tanker operator Euronav to buy U.S. peer Gener8 Maritime | Reuters Reuters Staff 2 Min Read (Reuters) - Belgian tanker operator Euronav ( EUAV.BR ) said on Thursday it had agreed to buy U.S. peer Gener8 Maritime ( GNRT.N ) in an all-stock deal worth about $490 million. Euronav said in a statement the deal would create a tanker operator with an estimated market capitalization of about $1.8 billion that would provide economies of scale. “The financial strength of the Combined Entity together with a strong leadership team will make it well placed to navigate the tanker cycle,” Euronav Chairman Carl Steen said. Under the terms of the deal, which will make Gener8 a wholly-owned subsidiary of Euronav, the Belgian company said it would issue about 60.9 million new shares at an exchange ratio of 0.7272 Euronav shares for each share of Gener8. Based on a Reuters calculation, the deal is worth about 413 million euros ($490 million). Euronav said the deal represented a 35 percent pre [Read more]

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