Hafnia enters into preliminary agreement to acquire 14.45% of TORM shares

Hafnia (HAFN) announces that Oaktree Capital Management, L.P. and its affiliates, the controlling shareholder of TORM (TRMD), has accepted, subject to entering into a definitive agreement, Hafnia’s offer to acquire approximately 14.1M A shares in TORM, representing approximately 14.45% of TORM’s issued share capital. The A shares are priced at $22 per share for a total purchase price of $311,433,342. The completion of the Share Purchase is subject to the parties entering into a definitive agreement and the fulfilment of customary conditions precedent, including among others, obtaining any required regulatory clearances and approvals, satisfaction of certain covenants and appointment of a new independent board chair of TORM.