Star Bulk to acquire 34 drybulk vessels from Excel in cash and stock deal

|About: Star Bulk Carriers Corp. (SBLK)|By:, SA News Editor

Star Bulk Carriers (SBLK +5.2%) agrees to acquire 34 drybulk vessels from Excel Maritime Carriers (NYSE:EXM) for ~29.9M shares and ~$288M in cash for total consideration of $634.9M.

The sale consists of six Capesize vessels, 14 sistership Kamsarmax vessels, 12 Panamax vessels and two Handymax vessels mainly built at shipyards in Japan.

The vessels will be acquired in a series of closings which SBLK expects to complete by the end of 2014.

After the deal, SBLK will have 103 vessels in its fleet, with an aggregate cargo-carrying capacity of ~11.85M deadweight tons.