Costamare Inc. (the “Company”) announced on November 19 the acquisition of the 60% equity interest of York Capital in five 2016 – built 14,000 TEU containerships. The acquisition brings the Company’s ownership interest in these five vessels to 100%. The five vessels were initially contracted as new buildings under the joint venture with York Capital in 2014. The vessels currently operate under long term charters to Evergreen expiring in 2026.
The terms of the acquisition include the option to defer 75% of the purchase price for up to 18 months after closing, as well as the option to pay part of the purchase price with shares of the Company’s common stock.
Read the management commentary on Nasdaq.