Compañía Sud Americana de Vapores S.A. (SNSE:VAPORES) announced a private placement of common shares for gross proceeds of $350 million on May 19, 2020. The transaction will include participation from returning investor Quiñenco SA (SNSE:QUINENCO) for $215 million and other investors. Upon completion, investor will own 61.45% stake in the target company.

The transaction has been approved by the board of directors of the company at extraordinary shareholders' meeting.