07:56 AM EDT, 08/15/2024 (MT Newswires) -- BW LPG ( BWLP ) said Thursday that it has agreed to acquire 12 Very Large Gas Carriers from Avance Gas for $1.05 billion.

The shipping company said the acquisitions will be funded through the issuance of 19.3 million new shares to Avance Gas, a cash consideration of $585.4 million, and $132 million in debt.

After the shares are issued, Avance Gas will own 12.77% of BW LPG's ( BWLP ) shares.

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