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Investment Firm Buys Stake in Eitzen's Ethylene Fleet

6:42 AM MDT | October 7, 2010 | Ian Young

Camillo Eitzen & Co. (Ceco; Oslo) has agreed to sell a 40% stake in Eitzen Ethylene Carriers (EEC) to private investment company Jaccar Holdings (Luxembourg) for $15 million. EEC will be a 60-40 joint venture between Ceco and Jaccar on completion of the transaction. The deal is expected to close on about October 15, 2010. Jaccar also has an option to buy an additional 40% in EEC from Ceco for $15 million. Ceco will have an option to sell its remaining stake in EEC to Jaccar at the same price if this transaction goes ahead. EEC owns a fleet of eight ethylene...

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