AXIA Capital Markets acts as Financial Advisor to United Overseas Group in its acquisition of United Arab Chemical Carriers
United Arab Chemical Carriers Limited (“UACC”), the Dubai-headquartered international shipping company, announced on January 7th, 2021 that it entered into a definitive merger agreement to be acquired by United Overseas Group (“UOG”). AXIA Ventures Group, through its subsidiary AXIA Capital Markets (“ACM”) acted as Financial Advisor to UOG, a company controlled by Peter Georgiopoulos and Leonidas Vrondissis.
The transaction is structured as a reverse triangular merger, which will be the first such merger under the Companies Law of the Dubai International Financial Center (“DIFC”). A wholly-owned subsidiary of UOG will merge with and into UACC, which will continue as the survivor company. Entrust Global’s Blue Ocean Fund will provide financing to UOG for the transaction. The transaction is conditioned on, among other things, receipt of shareholder and regulatory approval and is expected to close in the first quarter of 2021.
UOG is a ship-owning and investment company, managed from Athens Greece, controlled by Peter Georgiopoulos and Leonidas Vrondissis. Messrs Georgiopoulos and Vrondissis are veterans in the shipping industry, having completed multiple transactions with a combined value of over $20.0 billion in both public market and privately negotiated transactions and having held multiple executive positions in NYSE listed companies.
UACC, headquartered in Dubai, was established in 2007 in the DIFC as a shipping business engaged in the international transportation of refined products and chemicals. It currently owns and operates 20 vessels comprising nine IMO2/3 chemical tankers, two LR1 and nine MR tankers. Additionally, it operates an additional two vessels on bareboat charter.
Mr. Alexandros Argyros, Managing Director and Head of the Investment Banking Department of AXIA Ventures Group stated: “We are truly excited and honored to once again be entrusted by such a seasoned and well respected team in the shipping space in this very innovative transaction. The complex structure, along with the cross border element made this a very unique situation in an industry that is at the very core of our franchise”.
AXIA Ventures Group Limited is a limited company incorporated in Cyprus (registration no. 221203) with its registered office at 10 Giannos Kranidiotis St., 6th Floor, 1065 Nicosia, Cyprus. It is a regulated Investment Firm authorized and supervised by the Cyprus Securities and Exchange Commission (license number 086/07). AXIA Ventures Athens Branch is a branch of AXIA Ventures Group Limited. AXIA Capital Markets, LLC is a subsidiary of AXIA Ventures Group Limited. More information concerning AXIA Ventures Group Limited (and the entities related to it) can be obtained at our registered office or from our website at www.axiavg.com.