Castor Maritime's $192.6M Acquisition Expands into Asset Management with MPC Capital Stake
Summary
Announces the Acquisition of a Majority Stake in MPC M\xfcnchmeyer Petersen Capital AGLIMASSOL, Cyprus, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (Castor or the Company), a diversified global shipping company, announces that on December 12, 2024, it entered, through a wholly owned subsidiary, into an Share Purchase Agreement (SPA) with MPC M\xfcnchmeyer Petersen & Co. GmbH (MPC Holding) for the acquisition of 26,116,378 shares representing of the shares of the Frankfurt-listed investment and asset manager MPC M\xfcnchmeyer Petersen Capital AG (Deutsche B\xf6rse, Scale, ISIN DE000A1TNWJ4) (MPC Capital).The acquisition price of the shares has been agreed at a price of per share, which is equal to an aggregate cost of payable in cash (approx. As part of the transaction Castor secured a new senior term loan facility and proceeds from the issuance of 50,000 additional Series D cumulative convertible preferred shares, both from Toro Corp. (NASDAQ: TORO), (Toro), an entity controlled by Petros Panagiotidis, Castors Chairman and CEO.The terms of the loan facility and the Series D cumulative preferred shares were approved by the independent and disinterested members of the Boards of Toro and Castor, respectively, following the negotiation and recommendation by special committees of the independent and disinterested directors of the Boards of Toro and Castor, respectively.The completion of the transaction is expected to take place during December 2024, and is subject to customary conditions for transactions of this type.Today, Castor announces a strategic investment with the acquisition of the majority stake of MPC Capital. Castor as the new anchor sponsor of MPC Capital is aligned with its strategy, targeting continued growth and building on its established track record as an investment manager and operator within maritime and energy infrastructure sectors.MPC M\xfcnchmeyer Petersen Capital AG is an investment and asset manager specializing in infrastructure projects in the maritime and energy sectors. The words believe, anticipate, intend, estimate, forecast, project, plan, potential, will, may, should, expect, pending and similar expressions identify forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forwardlooking statements include generally: the risk that the transaction may not be completed in a timely manner or at all, the effects of the spin-off of our tanker business, our business strategy, expected capital spending and other plans and objectives for future operations, dry bulk and containership market conditions and trends, including volatility in charter rates (particularly for vessels employed in short-term time charters or index linked period time charters), factors affecting supply and demand, fluctuating vessel values, opportunities for the profitable operations of dry bulk and container vessels and the strength of world economies, changes in the size and composition of our fleet, our ability to realize the expected benefits from our past or future vessel acquisitions, our ability to realize the expected benefits of vessel acquisitions, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, in particular due to economic, financial or operational reasons, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance, and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, due to vessel upgrades and repairs, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, including due to high volume transactions in our shares by retail investors, potential conflicts of interest involving affiliated entities and/or members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events, including armed conflicts such as the war in Ukraine and the conflict in the Middle East, acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, trade wars, global public health threats and major outbreaks of disease, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for dry bulk and container vessels and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry, accidents, the impact of adverse weather and natural disasters and any other factors described in our filings with the SEC.
Funding
Review available funding amount, funding date, investors, and linked company information related to Castor Maritime's $192.6M Acquisition Expands into Asset Management with MPC Capital Stake in the interactive ISVWorld profile.