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Star Bulk buys Oaktree-backed shipper

Jun 16, 2014 - The Deal Pipeline
Mergers and Acquisitions

Star Bulk Carriers Corp. said Monday it would acquire privately held Oceanbulk Shipping LLC and Oceanbulk Carriers LLC in a $653 million deal that would create the largest dry bulk shipper listed on U.S. markets.

Athens-based Star Bulk said it will issue 54.104 million of its Nasdaq-traded shares to Oaktree Capital Management LP and the family of Star Bulk nonexecutive chairman Petros Pappas. Post-deal Oaktree would own 61.3% of Star Bulk's shares outstanding while the Pappas family would...