Aegean Marine Petroleum Network Inc. (NYSE:ANW) entered into a definitive agreement to acquire H.E.C. Europe Limited from members of the Agiostratitis family, Dimitris Melisanidis and certain members of his family for approximately $370 million on February 20, 2018. The aggregate consideration includes the assumption of certain indebtedness, which consideration is payable in the form of a combination of debt, the assignment of certain accounts receivables, cash and shares of Aegean common stock which will represent approximately 33% of the issued and outstanding common stock of Aegean after giving effect to the issuance. The sellers, acting unanimously, will have the right to designate two nominees for appointment or election to the Board of Directors of Aegean and recommend one nominee for appointment or election to the Aegean Board; the Sellers, the Seller Owners and their controlled affiliates shall vote all Aegean shares beneficially owned by them in accordance with the recommendations of the Aegean Board with respect to the appointment and removal of directors; and the Sellers, the Seller Owners and their controlled affiliates shall not in the aggregate acquire beneficial ownership in excess of 40% of the issued and outstanding share capital of Aegean. In addition, Aegean expects to appoint one additional independent Director to the Aegean Board, effective as of the closing of the acquisition. The four new Board members expected to be appointed at the closing are Demetrios Diakolios, George Melisanidis, Darren Laguea and Alexis Rodopoulos. The closing of the acquisition is subject to the satisfaction or waiver of customary closing conditions. The acquisition does not require the approval of Aegean's shareholders. The acquisition was unanimously approved by the Aegean Board upon the recommendation of a special committee of independent Directors. The transaction is expected to close on March 27, 2018. Aegean expects the acquisition to be immediately accretive to adjusted EPS in year one. Jefferies LLC is serving as financial advisor while Seward & Kissel LLP and Ince & Co. LLP acted as legal counsel to Aegean Marine Petroleum Network. Clarksons Platou Securities is serving as financial advisor and Arnold & Porter is serving as legal counsel to the Special Independent Committee. AXIA Capital Markets LLC is serving as financial advisor to H.E.C. AB Management LLC and Orrick, Herrington & Sutcliffe (UK) LLP are serving as legal counsels to the sellers. David Schwartzbaum, Josh Nulman and Lauren Shor of Covington & Burling LLP acted as financial advisors to Aegean Marine Petroleum Network Inc.