Watson Farley & Williams (“WFW”) advised TORM plc (“TORM”) on its US$250m sale of TORM shares owned by OCM Njord Holdings S.à.r.l., a company indirectly owned by private equity firm Oaktree Capital Management L.P. (“Oaktree”).
Oaktree sold 6,896,552 of its Class A common shares by way of a SEC-regulated secondary public offering. Citigroup Global Markets Inc., acting as sole underwriter for the offering, was granted an option to purchase an additional 1,034,482 Class A common shares. Subsequent to the sale, Oaktree remains TORM’s majority shareholder with approximately 46.7% of the total share capital and approximately 88.67% of the total voting rights.
With a fleet of approximately 90 vessels, Nasdaq-listed TORM is one of the world’s largest owners and operators of product tankers transporting refined oil products and chemicals.
The WFW London Corporate team that acted as TORM’s English law counsel on the sale was led by Partner Jan Mellmann supported by Senior Associate Clementine Freeth, Associate Sulaiman Hoosen and Trainee Zac Goodwill.
Jan commented: “We are pleased to have advised long-standing client TORM on the sale of shares owned by Oaktree. This deal showcases WFW’s reputation for excellence in advising on high-value corporate transactions in the shipping space”.
