Teekay, TORM to buy OMI

Teekay Shipping Corp., which owns and operates one of the world’s largest fleets of crude oil tankers, will join with Danish product tanker operator TORM to acquire rival OMI Corp. for about $2.2 billion.

Teekay and TORM, which plan to equally split the total cost of the transaction, will make a tender offer to OMI shareholders before 27 April. The OMI board of directors has approved the deal.

Upon closing, Teekay and TORM will divide the assets of OMI equally. Teekay will get OMI’s Suezmax operations as well as eight product tankers. TORM will receive the remaining 26 product tankers.