WL Ross announced that it has agreed to sell, on behalf of funds managed by WL Ross, their approximately 39.1% equity interest in Navigator Holdings to 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.