* Cash-and-stock deal valued at $390 mln
* Teekay Offshore sees deal to add to cash flow
March 3 Tanker company Teekay Corp agreed
to sell its 49 percent stake in Teekay Offshore Operating LP to
its unit Teekay Offshore Partners LP in a cash and stock
deal valued at $390 million.
Teekay Offshore, the oil production, storage and
transportation unit of Teekay Corp, will pay $175 million and
7.6 million new common units to the parent company, after which
it will own all of Teekay Offshore Operating LP.
Post-transaction, Teekay Corp will own 36.9 percent of
Teekay Offshore, up from 28.3 percent.
Separately, Teekay Offshore said it expects the deal to add
to its cash flow and to simplify its ownership structure of
Teekay Offshore Operating.
Founded in 2006 by Teekay Corp, Teekay Offshore Operating
currently owns a fleet of shuttle tankers, Floating Storage and
Offtake units and a few conventional oil tankers.
Shuttle tankers are ships used for oil transportation from
an off-shore oil field.
Shares of Teekay Corp were up 11 cents at $34.60, while
units of Teekay Offshore were down 4 cents at $29.06 in early
trade on Thursday on the New York Stock Exchange.
(Reporting by Arup Roychoudhury; Editing by Gopakumar Warrier)