Pangaea Logistics Solutions Announces A Definitive Agreement To Purchase The Remaining 50% Equity Ownership Of Its Consolidated Subsidiary, Nordic Bulk Partners From HS Nordic For $17.2M In Cash
Portfolio Pulse from Benzinga Newsdesk
Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) has announced an agreement to purchase the remaining 50% equity of its subsidiary, Nordic Bulk Partners LLC, from HS Nordic LLC for $17.2 million in cash. This acquisition will give Pangaea full ownership of Nordic Bulk Partners, which was initially a joint venture for constructing Ice Class 1A Post-Panamax dry bulk vessels. The transaction is expected to close by November 1, 2024.
October 07, 2024 | 8:35 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Pangaea Logistics Solutions is acquiring the remaining 50% of Nordic Bulk Partners for $17.2M, eliminating a $16.6M liability from its balance sheet. This acquisition will give Pangaea full control over the subsidiary.
The acquisition will give Pangaea full control over Nordic Bulk Partners, potentially improving operational efficiency and financial performance. The elimination of a $16.6M liability is a positive financial move, likely to be viewed favorably by investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100