International Seaways, Inc. (INSW) announced it has completed its acquisition of Bruton Limited on November 2, 2026. The transaction was structured as a merger, with Bruton surviving as an indirect wholly-owned subsidiary of INSW. As consideration for the merger, INSW will issue approximately 1.1 million shares of its common stock to former Bruton shareholders.
Key Details
- Transaction Terms: Shareholders of Bruton holding more than 10,000 common shares received 0.05190 shares of INSW common stock for each Bruton share. Holders with 10,000 or fewer shares received cash consideration of $6.3044 per share.
- Total Share Issuance: In connection with the closing on November 2, 2026, approximately 1.1 million shares of INSW common stock are issuable in aggregate as consideration.
- Securities Registration: The shares are being issued as unregistered securities, in reliance upon the exemption from registration provided by Rule 802 under the Securities Act of 1933.