The latest research, news, and more from GeoInvesting for Navios Maritime (NNA) /companies/nna_navios_maritime/overview en-us Sat, 11 Feb 2012 21:47:08 GMT Sat, 11 Feb 2012 21:47:08 GMT 120 7663Sun, 25 Jul 2010 04:00:00 GMTNavios Acquisition is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals./companies/nna_navios_maritime/overview7664Sun, 25 Jul 2010 04:00:00 GMT<P>PIRAEUS, Greece, July 19 /PRNewswire-FirstCall/ -- Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA) announced today that it has signed a securities purchase agreement which contemplates the acquisition of a fleet of seven VLCC tankers for an aggregate purchase price of $587.0 million.&nbsp; Navios Acquisitions intends to finance the acquisition as follows: $453 million with bank debt, $123 million with cash and $11.0 million through the issuance of Navios Acquisition shares.&nbsp; The final purchase price is subject to customary working capital adjustments, and consummation of the transaction is subject to a number of conditions, including third party consents.&nbsp;<SPAN style="FONT-WEIGHT: bold">&nbsp;The transaction is anticipated to close in September of 2010</SPAN>.</P> <P>Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "We are pleased to enter into this transformational transaction so shortly after having our original business combination approved.&nbsp; Only 90 days ago, Navios Acquisition was a concept.&nbsp; Upon closing this transaction, Navios Acquisition will control 20 tanker vessels plus options to acquire two additional vessels. This acquisition alone will increase our fleet by almost 296% in dwt.&nbsp; <SPAN style="FONT-WEIGHT: bold">Most importantly, with estimated annual base EBITDA of almost $75 million plus profit sharing, we anticipate the acquisition will be immediately accretive to our results</SPAN>." </P> <P>Ms. Frangou continued, "This acquisition represents a strategic expansion into the crude tanker sector.&nbsp; These new capabilities will increase our reach within the oil transportation industry and enable multiple cross selling opportunities. <SPAN style="FONT-WEIGHT: bold">We also anticipate opening an office in Asia to facilitate these new relationships and take advantage of the emerging Asian markets</SPAN>."</P> <P>Fleet Information<BR></P>/companies/nna_navios_maritime/research&item=7664