Castor Maritime Inc. announced on December 12, 2024, that it entered into a Share Purchase Agreement to acquire 26,116,378 shares, representing a 74.09% majority stake, in MPC Münchmeyer Petersen Capital AG. MPC Capital is a Frankfurt-listed investment and asset manager specializing in maritime and energy infrastructure.
The acquisition price for the shares was agreed at €7.00 per share, totaling an aggregate cost of €182.8 million, which is approximately USD 192.6 million equivalent, excluding transaction-related costs. This strategic investment aims to diversify Castor's activities into the fast-growing energy infrastructure sector.
To finance the acquisition, Castor secured a $100 million new senior term loan facility and obtained $50 million from the issuance of 50,000 additional Series D cumulative convertible preferred shares, both from Toro Corp. The terms of these financing arrangements were approved by independent and disinterested members of the Boards of both Toro and Castor, following negotiations and recommendations by special committees. The completion of this transaction is expected to occur during December 2024.
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