International Seaways to Add Four VLCCs in $370 Million Bruton Deal

International Seaways agreed Oct. 16 to acquire Bruton Limited in transactions valued at about $370 million, a deal that would add four very large crude carriers (VLCCs) to its fleet of roughly 70 vessels. The first step covers holders of about 50.5% of Bruton’s outstanding shares. They are to receive 0.05190 International Seaways shares for each Bruton share, with settlement expected on or about Oct. 20. A later merger is intended to address the remaining shares. In that merger, Bruton holders with more than 10,000 Norwegian depositary receipts (NDRs) are to receive stock at the same exchange ratio. Holders with 10,000 or fewer NDRs are to receive Norwegian-kroner cash equivalent to $6.3044 per Bruton share. The approximately $370 million valuation accompanies a stock-heavy structure.

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