The joint venture acquired two Suezmax tankers for a combined consideration of US$40.6m. Both vessels have been delivered into the joint ventures.
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The initial consideration, payable by Zenith on completion, will be settled through the issue of 6.7m new Zenith shares.
Having also acquired majority stakes in packaging machine specialists FAWEMA and HDG in 2018, HQ Equita further strengthens TPG with WOLF’s acquisition.