GLOG GasLog Ltd

By Chris Wack

GasLog Ltd. shares were up 18% to $5.81 after BlackRock's Global Energy & Power Infrastructure team said it is buying all outstanding common shares of GasLog that aren't held by certain existing shareholders for $5.80 a share in cash.

Volume for GasLog shares was 6.7 million shares at 10:30 a.m. ET, compared with its 65-day average volume of 1.3 million shares.

The acquisition price represents a 17% premium to the closing price of GasLog's common shares Friday, and a 22% premium to the volume weighted average share price of GasLog's common shares over the last 30 days.

Immediately following the deal's completion, rolling shareholders will continue to hold 55% of GasLog, and Global Energy & Power Infrastructure will hold 45%. The common shares of GasLog will be delisted from the New York Stock Exchange.

The transaction is expected to close in the second quarter of 2021.

GasLog's preference shares, as well as the common and preference units of GasLog Partners LP, are expected to remain outstanding and continue to trade on the New York Stock Exchange immediately following completion of the transaction.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

February 22, 2021 10:52 ET (15:52 GMT)

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