Greece’s United Overseas Group to acquire UAE tanker operator

Photo: UACC
Photo: UACC

UAE-based United Arab Chemical Carriers (UACC) has entered into a definitive merger agreement to be acquired by United Overseas Group (UOG) of Greece.

A wholly owned subsidiary of UOG will merge with and into UACC, with UACC continuing as the survivor company and a company established in the Dubai International Finance Centre.

The transaction is conditioned on, among other things, receipt of shareholder and regulatory approval and is expected to close in the first quarter of 2021.

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