Rubico Inc. (NASDAQ:RUBI) (the "Company" or "Rubico"), a global provider of shipping transportation services specializing in the ownership of vessels, announced today that it has entered into a purchase agreement (the "SPA") for the acquisition from Top Ships Inc. of a vessel-owning company (the "Owner") which is party to a shipbuilding contract for a newbuilding mega yacht, the M/Y Sanlorenzo 1150Exp, with expected delivery from the shipyard in the second quarter of 2027 for a purchase price of $38.0 million. Consummation of the purchase and sale of the Owner's shares under the SPA is expected to take place no later than March 31, 2026.
The Company had previously announced that it had entered into a letter of intent providing an exclusivity period during which the Company conducted a due diligence process and evaluated the potential transaction. As previously announced, an advance payment of $4.0 million made pursuant to the letter of intent was credited against the purchase price of the newbuilding mega yacht. A special independent committee composed of independent members of the Company's board of directors negotiated and approved the acquisition, after obtaining a fairness opinion from an independent financial advisor.