Hapag-Lloyd and UASC sign Business Combination Agreement

18-07-2016 – COMBINED COMPANY WILL RANK AMONG THE WORLD´S FIVE LARGEST LINER SHIPPING COMPANIES AND WILL OPERATE ONE OF THE MOST MODERN FLEETS IN THE INDUSTRY / COMPANY WILL OPERATE 237 VESSELS WITH TOTAL TRANSPORT CAPACITY OF AROUND 1,6 MILLION TEU / QATAR HOLDING LLC AND THE PUBLIC INVESTMENT FUND OF THE KINGDOM OF SAUDI ARABIA TO BECOME NEW KEY SHAREHOLDERS OF HAPAG-LLOYD

Hapag-Lloyd AG (Hapag-Lloyd) and United Arab Shipping Company S.A.G. (UASC) have signed a Business Combination Agreement (BCA) to merge both companies, subject to the necessary regulatory and contractual approvals. Besides the Business Combination Agreement (BCA) between the two companies, the controlling shareholders, namely CSAV Germany Container Holding GmbH, HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH and Kühne Maritime GmbH on the side of Hapag-Lloyd, and Qatar Holding LLC on behalf of the State of Qatar and The Public Investment Fund of the Kingdom of Saudi Arabia on the side of UASC, have assumed certain commitments with regard to the merger and the future equity funding of the company in a separate agreement, the so-called Shareholders Support Agreement (SSA). In that agreement some of the controlling shareholders of either side have committed to backstop a cash capital increase in the amount of USD 400 million planned by way of a rights issue within 6 months after the closing of the transaction.

Read more at www.uasc.net

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