Saltchuk completes acquisition of Overseas Shipholding Group for $950 million

Saltchuk Resources, Inc. has successfully completed a tender offer to acquire all of the outstanding shares of Overseas Shipholding Group, Inc. (NYSE: OSG) for $8.50 per share in cash, valuing the transaction at approximately $950 million.

The acquisition was completed Wednesday morning, making OSG a wholly owned subsidiary of Saltchuk. Its common stock was formally delisted and deregistered from the New York Stock Exchange.

OSG, a provider of liquid bulk petroleum and crude oil transportation services in the U.S.-flag market, will operate as a standalone business unit within Saltchuk.

“With OSG, Saltchuk now has more than 8,500 people with one thing in common: we strive every day to deliver our services safely, responsibly and reliably,” said Saltchuk Chairman Mark Tabbutt. “As with our other businesses, OSG will remain independent and independently managed. We look forward to working with the OSG team as we move forward together.”

OSG becomes Saltchuk’s seventh business unit, adding energy transportation to the company’s diversified portfolio that includes domestic and international transportation, logistics, marine services, energy distribution and air transportation.

“The Saltchuk transaction represents a significant development in OSG’s long history, and we are very pleased that it has come to a successful conclusion,” said Sam Norton, OSG president and CEO. “The management team of both our companies recognizes the value of having the business within the Saltchuk family of companies, an organization committed to maintaining the important role of the domestic maritime industry in the U.S. The entire OSG team looks forward to our future together.”

OSG announced it would go private on May 20, 2024. Following the expiration of the Hart-Scott-Rodino waiting period on June 26, approximately 66% of the shares of OSG common stock were tendered and not withdrawn, excluding Saltchuk’s shares.

Unlock exclusive information today!

Join the gCaptain Club and gain access to carefully curated content, expert opinions, and engaging community discussions.