Global Ship Lease’s $1.3 Billion Stock-for-Stock Merger with Poseidon Containers and K&T Marine LLC.

Norton Rose Fulbright has advised on a major transaction for Global Ship Lease, a US-listed containership charter owner with administrative offices in London, in relation to its stock-for-stock merger with Poseidon Containers and K&T Marine LLC.

The combination, which closed on November 15, 2018, will create a leading containership charter owner with a charter-adjusted fleet value of US$1.3 billion, principally in the mid-sized and smaller containership segments and a combined fleet of 38 containerships. The fleet will have a total capacity of 198,793 TEU, an average fleet age weighted by TEU of 10.7 years, and contracted revenue of approximately $720 million.

Global Ship Lease Inc. leases container ships to liner shipping companies under long-term, fixed-rate timecharters. The company, led by Ian J Webber, Thomas A Lister and Vivek Puri, in 2017 recorded $159 Million revenues.

The Norton Rose Fulbright team was led by partner Giles Brand (Picture), with assistance from partners Victoria Birch, Milana Chamberlain, Ian Giles, Richard Howley, Philip Roche (London); Brian P Devine (New York); Jonathan Silver (Hong Kong), counsel Kassandra Savicki (New York), senior associate Emma Humphries (London), and associates Olivia Cullen, Caitlin Forsyth, Constantine Markides, Alexandra Mikelis, Nicholas Papadopoulos, and Sam Tappenden (London).

 

Involved fees earner: Giles Brand – Norton Rose Fulbright; Victoria Birch – Norton Rose Fulbright; Milana Chamberlain – Norton Rose Fulbright; Ian Giles – Norton Rose Fulbright; Richard Howley – Norton Rose Fulbright; Brian Devine – Norton Rose Fulbright; Jonathan Silver – Norton Rose Fulbright; Kassandra Lydia Savicki – Norton Rose Fulbright; Olivia Cullen – Norton Rose Fulbright; Nicholas Papadopoulos – Norton Rose Fulbright; Philip Roche – Norton Rose Fulbright; Emma Humphries – Norton Rose Fulbright; Alexandra Mikelis – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: Global Ship Lease;