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Bids, Mergers and Takeovers

Braemar to acquire NAVES Corporate Finance

07 September 2017 09:15

Braemar Shipping Services has announced the conditional acquisition of NAVES Corporate Finance GmbH, a corporate finance advisory business focused on the maritime industry.

The consideration payable for the acquisition is €24.00 million (subject to a customary adjustment based on target working capital) rising to a maximum of €35.00 million should earn-out payment terms and conditions be satisfied.

NAVES is led by managing partners Mark Kuchenbecker and Axel Siepmann who have over 40 years of combined professional experience in corporate finance and the maritime industry.

Braemar said the acquisition would result in the creation of a new financial division in which Kuchenbecker and Siepmann would take leadership roles.

At 9:15am: (LON:BMS) Braemar Shipping Services PLC share price was -1.12p at 300.63p

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