M&A – Scorpio Tankers Merger with Navig8 Product Tankers

Represented Scorpio Tankers Inc. (NYSE: STNG), a provider of marine transportation of petroleum products worldwide, in connection with its merger with Navig8 Product Tankers Inc (NOTC: EIGHT).

In September 2017, Scorpio Tankers Inc. (“Scorpio”) (NYSE: STNG), a provider of marine transportation of petroleum products worldwide, completed its previously announced merger transaction with Navig8 Product Tankers Inc (“NPTI”) (NOTC: EIGHT). In connection with the merger, Scorpio also launched an underwritten public offering of up to $200.0 million of its shares of common stock. As a result of the merger, Scorpio became the largest publicly traded owner of product tankers, with a fully delivered fleet of 105 vessels. Based on the pre-announcement Scorpio share price, the stock-for-stock merger reflected a total enterprise value for Navig8 Product Tankers of $1.1 billion including the assumption of debt. A Seward & Kissel team led by Nick Katsanos, Michael Timpone, Edward Horton, Keith Billotti, Lawrence Rutkowski and James Abbott, represented Scorpio Tankers in this transaction.