Star Bulk announced that it has consummated the previously announced acquisition of sixteen dry bulk vessels in an all-share transaction, from entities affiliated with Augustea Atlantica SpA and York Capital Management.
The final consideration for the Augustea Vessel Purchase is 10.3 million common shares of the Company, equal to approximately 11.3% of Star Bulk’s common shares after the closing of the Augustea Vessel Purchase. As part of the transaction, the Company will assume debt of approximately $309 million.
Following the closing of the Augustea Vessel Purchase, Mr. Raffaele Zagari will be appointed to the Board of Directors of Star Bulk as a Class C Director. The Company will have approximately 91.7 million common shares issued and outstanding.