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Wilbur Ross founded private equity firm WL Ross & Co has agreed to sell a stake of around 39.1% equity interest in Navigator Holdings to BW Group for a price of $9 per share. The total value of the deal is about $197m.
“Navigator Holdings has been an industry leader since we made the initial investment. We think the company’s future is bright, and this long-term investment from BW Group will position the Company to realize its potential,” said Hal Malone, head of transportation of WL Ross.
“BW is excited to be taking an ownership position in Navigator Holdings, a leading company in its sector, and we look forward to being a supportive shareholder as Navigator continues to pursue its strategic goals,” said Andreas Sohmen-Pao, chairman of BW Group.
Navigator Holdingsis the owner and operator of the world’s largest fleet of handysize liquefied gas carriers. Its fleet consists of 38 liquefied gas carriers, 14 of which are ethylene and ethane capable.
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