Danaos Corporation Announces Acquisition of Remaining Interests in Gemini Shipholdings Corporation

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Jul 01, 2021

Danaos Corporation (the "Company") (NYSE: DAC) today announced that it has exercised its option to acquire the remaining equity interests in its joint venture Gemini Shipholdings Corporation ("Gemini"). The purchase price for the 51% of Gemini not already owned by the Company is $86.7 million in cash, while the net cash outflow for the Company will be approximately $72.3 million, which is the purchase price net of $14.4 million of the Gemini cash balance on June 30, 2021.