Navios forms acquisition company

Navios forms acquisition company Bulk shipping company Navios Maritime Holdings said it is sponsoring and will be corporate shareholder of a newly organized “blank check” company formed for the purpose of acquiring one or more assets or operating businesses in the marine transportation and logistics industries.
   A registration statement for a special purpose acquisition corporation called Navios Maritime Acquisition Corp. has filed with the U.S. Securities and Exchange Commission.
   Navios hopes to sell 22 million units at an offering price of $10. Each unit comprises one share of common stock and one warrant that entitles the holder to purchase one share of common stock under the terms and conditions described in the registration statement. Net proceeds of the offering will be held in trust pending the completion of an acquisition.
   As sponsor and corporate shareholder Navios Holdings has agreed to invest $7.7 million in a private placement of warrants to occur simultaneously with the closing of the initial public offering. Following the public offering, Navios Holdings expects to own about 19 percent of the common shares of Navios Acquisition.
   Piraeus-based Navios Holdings controls a fleet of about 62 vessels totaling 6 million deadweight tons, of which 26 are owned and 36 are chartered-in under long-term charters. The company operates 34 vessels totaling 2.8 million dwt and it has 28 newbuildings to be delivered. Two of those vessels are expected to be delivered in 2008 and the remaining 26 at various dates through 2013.
   Listed on the New York Stock Exchange, Navios also has offices in Norwalk, Conn.