GasLog Ltd. made a non-binding proposal to acquire remaining 69.8% stake in GasLog Partners LP (NYSE:GLOP) for approximately $280 million on January 24, 2023. GasLog Ltd. entered into a definitive merger agreement to acquire remaining 69.8% stake in GasLog Partners LP for approximately $310 million on April 6, 2023. In connection with the transaction, each Common Unit will receive overall value of $7.70 per Common Unit in cash. As part of the definitive merger agreement, GasLog will acquire the outstanding common units of GasLog Partners not beneficially owned by GasLog for overall consideration of $8.65 per common unit in cash, consisting in part of a special distribution by the Partnership of $3.28 per common unit in cash that will be distributed to the Partnership’s unitholders in connection with the closing of the Transaction and the remainder to be paid by GasLog as merger consideration at the closing of the Transaction. The preference units of GasLog Partners will remain outstanding and continue to trade on the New York Stock Exchange immediately following the completion of the transaction. GLOG currently owns 15,621,602 Common Units, representing approximately 30.2% of the total outstanding Common Units of GLOP. GLOG intends to arrange for fully committed financing at the time of signing the definitive agreement with no financing contingency.

The transaction is subject to the approval of Board of Directors of GLOP, conflicts committee of the GLOP Board, entering into definitive agreement and other customary closing conditions, including the approval by shareholders of a majority of GasLog Partners and the declaration and payment of the distribution. The proposal has been approved by the GLOG Board. The Board of Directors of GasLog Partners unanimously approve the merger agreement. The common unitholders of GasLog Partners LP voted to approve the merger at a special meeting held on July 7, 2023. The transaction is expected to close by the end of the third quarter of 2023. DNB Markets Inc. acted as financial advisor and Cravath, Swaine & Moore LLP acted as legal advisor of GLOG. Evercore acted as financial advisor and Richard, Layton & Finger, P.A. acted as legal counsel to the Conflicts Committee of GasLog Partners. D.F. King & Co., Inc. acted as proxy solicitor to GasLog Partners LP for a fee of approximately $15,000. Hillary H. Holmes of Gibson Dunn & Crutcher advised Evercore as financial advisor to the Conflicts Committee of the Board of Directors of GasLog Partners.

GasLog Ltd. completed the acquisition of remaining 69.8% stake in GasLog Partners LP (NYSE:GLOP) on July 13, 2023.