In the third expansion move abroad it announces in less than two weeks, Braemar said on Monday it has agreed to buy US broker Southport Maritime for a total of about $14m.
The consideration for Southport’s 18-strong team specialising in spot tanker fixtures will be $7.25m in cash and up to nearly 1.9 million ordinary Braemar shares.
Those shares will be delivered three years after the transaction to Southport’s owners, as well as “certain other employees, contingent on them remaining employed in the business for the full three-year period,” according to a Braemar statement.
