Aspo’s ESL Shipping has completed the acquisition of AtoB@C and new Aspo’s shares issued in connection with the transaction have been registered
31. August 2018
ESL Shipping Oy (“ESL Shipping”), a shipping company fully owned by Aspo Plc (“Aspo”) has today completed the transaction concerning the acquisition of all the outstanding shares of AtoB@C Shipping AB and AtoB@C Holding AB (AtoB@C) that offer shipping services (the “Transaction”). Total of 444,255 new Aspo’s shares issued as part of the purchase price of the Transaction have been registered in the Finnish Trade Register today on 31 August 2018. After the registration of the new shares, the total number of shares in Aspo is 31,419,779. As announced earlier, the new shares were issued as share consideration in connection with the Transaction in addition to the cash consideration payable to the sellers and the shares are subject to a two-year transfer restriction and pledge. The new shares will be admitted for trading on the main list of Nasdaq Helsinki Ltd on or about 3 September 2018.
Taking into account the Transaction, the net sales of ESL Shipping will increase from EUR 80 million to approximately EUR 160 million using the figures from 2017. Similarly calculated, the cargo volume carried will increase from approximately 11-12 million tonnes to approximately 16-17 million tonnes. ESL Shipping will have a total of 50 vessels including new LNG ships with a deadweight capacity of 468,000 tonnes compared to the previous 331,000 tonnes. The position of ESL Shipping will strengthen in the category for smaller vessels, and its business will expand with new customers and new product flows.
“Aspo’s strategy is to develop leading companies in its field. The acquisition will shift ESL Shipping to a new size class and put it in a good position to improve operational efficiency and overall profitability of the shipping company,” says Aki Ojanen, CEO of Aspo Plc and Chairman of the Board of Directors of ESL Shipping.
Aspo has announced stock exchange releases on the signing of the Transaction on 29 June, the decision of the Finnish Competition and Consumer Authority on 27 July and the directed share issue on 28 August.
For further information, please contact:
Aki Ojanen, CEO of Aspo Plc and Chairman of the Board of Directors of ESL Shipping
+358 400 106 592, firstname.lastname@example.org
Mikki Koskinen, CEO of ESL Shipping,
+358 50 351 7791, email@example.com
Nasdaq Helsinki Ltd
Aspo is a conglomerate that owns and develops business operations in Northern Europe and growth markets focusing on demanding b-to-b customers. Our strong company brands – ESL Shipping, Leipurin, Telko and Kauko – aim to be the market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these. Together they generate Aspo’s goodwill. Aspo’s Group structure and business operations are continually developed without any predefined schedules.
ESL Shipping is the leading dry bulk sea transport company operating in the Baltic Sea region. ESL Shipping ensures product and raw material transportation for industry and energy production year-round, even in challenging weather conditions. The shipping company also offers special services related to loading and unloading large oceangoing vessels at sea. Following the AtoB@C transaction, ESL Shipping will have a total of 50 vessels, including new ships with a deadweight capacity of 468,000 tonnes, compared to the previous 331,000 tonnes. Nineteen of the vessels are wholly owned, two are minority-owned, one vessel is leased, and the remaining 28 are time-chartered.
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