DHT Holdings’s Acquisition of BW Group’s VLCC Fleet

On March 23, 2017, DHT Holdings, Inc. and BW Group Limited announced the acquisition of BW Group’s VLCC (very large crude carriers) fleet by DHT. The fleet consists of 11 VLCCs, including two newbuildings due for delivery in 2018, with a value of approximately $538 million at prevailing broker valuations. Cravath is representing DHT in connection with the transaction.

DHT will finance the acquisition by issuing to BW Group approximately $256 million of DHT capital stock at an implied value of $5.37 per share of DHT common stock. DHT will also pay BW Group $177.36 million in cash and assume approximately $104.16 million in remaining obligations with respect to the two newbuildings.

The Cravath team is led by partners Erik R. Tavzel and Ting S. Chen, and includes associates Nicholas M. Foley and Michael L. Andrisani.