CPLP’s Spin Off Its Crude and Product Tanker Business and Merge It with DSS Holdings L.P.’s Business and Operations

Fried Frank acted as counsel to the Special Committee of the Board of Directors of Capital Products Partners L.P. (CPLP) in connection with CPLP’s definitive transaction agreement with DSS Holdings L.P. (DSS).

Under the terms of the US$1.65 billion transaction, CPLP will spin off its crude and product tanker business into a new publicly listed company, which will immediately merge with DSS’ businesses and operations in a share-for-share transaction. CPLP is an international owner of tanker, container, and drybulk vessels. DSS is an international owner of product and crude tankers. The new company, to be called Diamond S Shipping Inc., will be a market leader in the crude and product tanker markets, benefitting from a balanced and large-scale portfolio of vessels, strong management leadership, and a cost-efficient commercial platform. Following the determinations of the special committee and the conflicts committee, the CPLP board of directors unanimously approved the transaction.

The Fried Frank team was led by corporate partner Philip Richter (Picture) and included corporate associates Shant P. Manoukian and Jake Saifman.

Involved fees earner: Philip Richter – Fried Frank Harris Shriver & Jacobson; Shant Manoukian – Fried Frank Harris Shriver & Jacobson; Jake Saifman – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fried Frank Harris Shriver & Jacobson;

Clients: Capital Product Partners LP;

Author: Ambrogio Visconti