Business
Seattle Private Enterprise Acquires Tampa Oil Shipper in $480M Deal
Overseas Shipholding Group is proceeding with a buyout offer from Saltchuk Resources Inc., the largest privately held company in Washington.
The agreement, detailed in filings with the U.S. Securities and Exchange Commission, values the Tampa-based oil shipping company at approximately $612.3 million, equivalent to $8.50 per share.
Saltchuk, which currently holds a 21% stake in OSG, will pay around $483 million in cash to acquire the remaining shares.
The deal marks the culmination of protracted discussions initiated in 2021 but postponed due to pandemic-related uncertainties. In January, Saltchuk reignited talks with an unsolicited, non-binding offer to acquire OSG for about $452 million.
The $8.50 per share offer represents a significant premium over OSG’s average trading price of $6.25 per share since January, as per market data. Following the transaction’s closure, OSG (NYSE: OSG) will operate as a wholly-owned subsidiary of Saltchuk, as confirmed in a recent statement.
Both Saltchuk and OSG are key players in U.S. cargo shipping, compliant with the Jones Act, mandating domestic vessel ownership and operation for goods transported between U.S. ports. Saltchuk, a family-owned enterprise, boasts six lines of business in transportation and distribution, generating $4.8 billion in revenue last year and employing 7,300 individuals.
In contrast, OSG, ranked as the 22nd-largest public company in its sector, reported $452 million in annual revenue and employs 1,000 staff members. Notably, OSG’s fleet of 21 oil tankers ranks among the largest in the U.S. market.
Are you on social media? Check out our profile for more local news! Follow @TampaLatest for up-to-the-minute updates in Tampa, Florida.
- Tampa News2 days ago
Basketball Icon Alonzo Mourning Advocates for Health Awareness in Tampa
- Tampa News2 days ago
Tampa Mother Accused of Killing 4-Year-Old Son Denied Bail
- Events2 days ago
Top Events Happening in Tampa This Weekend
- Restaurants/Bar2 days ago
Top Sushi Restaurant in Tampa Recognized by Yelp as One of America’s Best
- Politics2 days ago
Tampa Bay Rioters Face New Challenges After Supreme Court Ruling
You must be logged in to post a comment Login