Robin Energy Ltd. (NASDAQ:RBNE) ("Robin Energy" or the "Company"), an international ship-owning company providing energy transportation services globally, announces that it has entered into an agreement, through a wholly owned subsidiary, to acquire a 2015-built 5,000 cbm LPG Carrier vessel from Toro Corp. ("Toro"), a Nasdaq-listed entity controlled by our Chairman and Chief Executive Officer, for a purchase price of $18 million.
The terms of the transaction were approved by the independent and disinterested members of the Boards of Robin Energy and Toro, respectively, following the negotiation and recommendation by special committees of the independent and disinterested directors of the Boards of Robin Energy and Toro.
The acquisition is expected to be concluded by taking delivery of the vessel during the third quarter of 2025 and is subject to the satisfaction of certain customary closing conditions. The Company expects to fund the acquisition with cash on hand.