SAS Achieves Key Milestone in Gram Car Carriers Acquisition

SAS Shipping Agencies Services Sàrl (SAS) has received acceptances for approximately 93.56% of Gram Car Carriers ASA’s (GCC) issued share capital, marking a significant step in its offer to acquire all outstanding shares of GCC.

The “Minimum acceptance” threshold condition has now been met, paving the way for SAS, a wholly-owned subsidiary of the world’s largest container shipping line, MSC Mediterranean Shipping Company, to secure a majority stake.

The offer period extends until 1 July 2024, and SAS remains confident of receiving approval from the Japan Fair Trade Commission to satisfy the “Regulatory Approvals” condition. Regulatory authorities in Ukraine and Portugal have already given their approvals.

GCC, a Norway-based provider of pure car and truck carrier tonnage, is the world’s third-largest tonnage provider within the Pure Car Truck Carriers (PCTCs) segment. The company owns 17 vessels across various segments.

GCC had accepted the voluntary cash offer from SAS in May for a consideration of NOK 263.69 per share, representing a significant premium to the closing trading price before the deal was announced in April.

The deal has been valued at approximately USD $700 million.

Under Norwegian securities law, if SAS acquires and holds 90% or more of all the company’s shares, they will have the right to execute a compulsory acquisition of the remaining shares. The acquisition had previously received support from GCC’s shareholders, including board members and executive management.

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