US investment giant BlackRock is selling out of Greek liquefied natural gas (LNG) shipping player GasLog.
A fund managed by the New York-based firm’s Global Infrastructure Partners (GIP) has struck a deal for Singaporean sovereign wealth fund GIC to take over its 45% stake in the Peter Livanos-backed GasLog for an undisclosed sum.
The deal is expected to close in the fourth quarter of this year. BlackRock bought into GasLog in 2021 in a move that saw the company delisted from the New York Stock Exchange. The Livanos family and the Onassis Foundation will maintain their shareholdings of about 55% in GasLog.
GasLog owns and operates a fleet of 34 LNG carriers, including two under construction, and has a 20% interest in a floating storage and regasification terminal.
Welcoming GIC as the company’s new shareholder Peter Livanos, chairman of GasLog, said: “GIC’s long-term investment horizon and focus on safety and operational excellence align with GasLog’s corporate values. GIC has a track record of success in supporting energy infrastructure businesses, further enhancing GasLog’s core strengths and capital flexibility. Their global reach will also be a benefit to us as we pursue attractive growth opportunities in the future.”
