Danaos Corporation (NYSE:DAC) acquired remaining 51% stake in Gemini Shipholdings Corporation from Virage International Ltd for approximately $130 million on July 1, 2021. As per the transaction, Danaos Corporation will pay approximately $72.3 million, which is the purchase price net of $14.4 million of the Gemini Shipholdings Corporation cash balance on June 30, 2021. Gemini's total debt and net debt, which will be assumed and consolidated by the Company, was $45 million and $30.6 million, respectively, as of June 30, 2021. The transaction is approved by Danaos Corporation board of directors. Clarksons Platou Securities acted as financial advisor to an independent committee comprised solely of independent and disinterested members of the Company's Board of Directors.
Danaos Corporation (NYSE:DAC) completed the acquisition of remaining 51% stake in Gemini Shipholdings Corporation from Virage International Ltd on July 1, 2021.