Navios Maritime Acquisition Cor (NYSE:NNA)

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.  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.  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.  The transaction is anticipated to close in September of 2010.

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.  Only 90 days ago, Navios Acquisition was a concept.  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.  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."

Ms. Frangou continued, "This acquisition represents a strategic expansion into the crude tanker sector.  These new capabilities will increase our reach within the oil transportation industry and enable multiple cross selling opportunities. We also anticipate opening an office in Asia to facilitate these new relationships and take advantage of the emerging Asian markets."

Fleet Information