MLL advises Gearbulk on business carveout deal

MLL advised the Jebsen family on of Gearbulk’s non-core business carveout, as well as the partial acquisition of their shareholding quote by Japanese ocean-shipping company Mitsui O.S.K. Lines.

The context

Gearbulk is a Swiss integrated shipping company, globally operating one of the world’s largest fleet of open hatch gantry crane and semi-open jib crane vessels. 

The company’s core business is therefore open hatch. As a result of the transaction, this has been separated with the non-core business, the latter being carved out of the Gearbulk Group to be entirely managed and held by the Jebsen family. Moreover, with 72 percent of shares, buying part Mitsui O.S.K. becomes a majority shareholder in the core business.  

The financing proceeds deriving from the deal will bolster Gearbulk commitment to G2 Ocean, a joint venture company alongside Grieg Maritime Group, operating a fleet of more than 120 vessels.

The team

MLL Legal advised Gearbulk and the Jebsen family in connection with all legal and tax aspects of this transaction, thus cooperating with various foreign law firms.

Partners Karin Oberlin (M&A, pictured right) and Thomas Nabholz (tax, pictured left) led the MLL team on the matter, working alongside partners Daniel Schoch (banking & finance) and Mattias Johnson (corporate), associate Andreas Bossard (banking & finance), associates Noemi Bünter and Dragan Djukic (both tax), associate Luca Henn and legal employee Tania Mengeu (both M&A), as well as junior associates Simon Cochrane and Fiona Lustenberger.