Oct 2026
Conyers advised Bruton Limited (Euronext Growth Oslo: BRUT) (“Bruton”) on its acquisition by International Seaways, Inc. (NYSE: INSW) in a series of transactions valuing Bruton at approximately US$370 million.
International Seaways has entered into an agreement with Bruton shareholders to acquire approximately 50.5% of Bruton’s shares in exchange for 0.0519 International Seaways shares per Bruton share.
Bruton entered into a Bermuda law Statutory Merger Agreement with International Seaways and its Bermuda subsidiary, Bravo Ltd., under which the remaining shares will be acquired in a cash and stock merger. International Seaways expects to issue approximately 3.12 million shares, representing approximately 96% of the aggregate consideration, with the remainder in cash.
The transaction adds Bruton’s four VLCCs including newbuildings to International Seaways’ fleet of approximately 70 vessels.
Conyers acted as Bermuda counsel alongside Norwegian counsel Ro Sommernes. Directors Guy Cooper and Robert Alexander advised on the matter.