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Aegean Marine Petroleum +18% as Mercuria takes 30% stake

  • Aegean Marine Petroleum (OTC:ANW +17.8%) explodes higher after commodities trader Mercuria agrees to acquire 30% of the company in return for providing $1B in credit facilities plus $30M in cash.
  • Mercuria will receive new shares in ANW equivalent to 30% of its common shares, in return for giving ANW $30M and setting up two revolving credit facilities - one of $250M and another of $750M - and will become ANW’s sole credit provider, with the companies saying they will explore a broader strategic partnership.
  • ANW also agrees to appoint David Gallagher, Mercuria’s Global Head of Structuring and Origination, to its board.

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ANW--
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