Mitsui O.S.K. Lines, Ltd. announced that its wholly owned group company MOL Chemical Tankers Pte. Ltd. has reached an agreement in principle with Fairfield-Maxwell Ltd. by which MOLCT would acquire the business of Fairfield Chemical Carriers (FCC).
The acquisition has been approved by the boards of directors of both companies and MOL, subject to the usual terms and conditions as set forth in the share purchase agreement.
In acquiring the FCC’s business, MOLCT would obtain 100% of the shares in Fairfield Chemical Carriers Pte. Ltd. in an all-cash transaction for about US$ 400 million, subject to change depending on the price adjustment under the share purchase agreement.
The execution of the transfer of shares under the share purchase agreement is subject to customary regulatory approval by the relevant authorities.