The company plans to issue roughly 3.12 million shares to fund the acquisition, accounting for 96% of the total transaction value. Under the initial terms, International Seaways has already secured agreements with investors representing 50.5% of Bruton’s outstanding shares. Those holders will receive 0.0519 shares of International Seaways for each unit of Bruton stock they currently own.
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International Seaways Expands Fleet With $370 Million Bruton Buyout
Tanker operator International Seaways is moving to acquire Bruton for approximately $370 million, a strategic consolidation that adds four very large crude carrier vessels to its existing fleet. The deal, structured as a mix of stock and cash, signals a significant expansion for the New York-based shipping firm.
Following the completion of this initial phase, the company intends to acquire the remaining outstanding Bruton shares through a similar cash-and-stock exchange. This move integrates Bruton’s specialized heavy-tonnage vessels into International Seaways’ broader portfolio, which currently manages approximately 70 ships dedicated to the global transport of crude oil and refined petroleum products.
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