Marubeni Corporation acquires 28% in Gearbulk

Marubeni Corporation acquires 28% in Gearbulk.

We are pleased to share a further update, since the news on 25 June regarding M.O.L. increasing it’s shareholding in Gearbulk.

Kristian Jebsen and his family will sell their remaining 28% stake in Gearbulk Holding AG to Marubeni Corporation of Japan. The transaction is expected to be concluded soon.

Marubeni is a major integrated Japanese trading and investment conglomerate, which will bring additional financial strength and extensive business experience - important for Gearbulk’s continued growth.

The transaction will further strengthen Gearbulk’s investment capacity and reinforce its commitment to G2 Ocean, a joint venture between Gearbulk and the Grieg Maritime Group, that operates more than 120 ships.

"I am pleased that Marubeni has decided to invest in and support the development of Gearbulk. This, together with MOL’s 72% holding, gives a strong continuity of the company for all stakeholders. Marubeni has had a close business relationship with Gearbulk for more than thirty years and the investment is a natural next step", says Kristian Jebsen.

The company’s operations will remain the same and relations with customers and other stakeholders will continue as before. 

Mr Jebsen will continue as Gearbulks Chairman and CEO and as Chairman of G2 Ocean.

Arthur English, G2 Ocean’s Chief Executive Officer, looks forward to welcoming Marubeni as a partner in supporting G2 Oceans growth. He said: “We are looking forward to welcoming Marubeni as an important partner, as we continue to renew our fleet and expand our services. G2 Ocean and our owners are committed to provide safe, reliable and sustainable solutions to all of our clients."

Additional Information Marubeni's Potential Investment in Gearbulk

Further to the recent announcement about Marubeni's potential investment in Gearbulk, the parties have reached an agreement in principle pursuant to a non-binding letter of intent. The parties have commenced the process of drafting and concluding the final agreements that are needed to close the transaction. This process includes finalizing the Share Purchase Agreement and Shareholders Agreement and will also include required filings with competition authorities in multiple jurisdictions.

We hope to do the share transfer to Marubeni as soon as possible, and the joint ambition is to achieve this goal within year end, subject to the successful completion of all necessary steps in the process.