Petros Panagiotidis is strengthening its presence in the container ship sector. More specifically, Nasdaq-listed US-based Castor Maritime Inc, through its Cyprus-based subsidiary, has agreed with MPC Münchmeyer Petersen & Co. GmbH (“MPC Holding”) to acquire 26,116,378 shares representing 74.09% of the shares of Frankfurt-listed investment and asset management company MPC Münchmeyer Petersen Capital AG.

The acquisition price for the shares was agreed at EUR 7 per share, which equals a total cost of EUR 182.8 million payable in cash, approximately USD 192.6 million, excluding any transaction-related costs. As part of the transaction, Castor secured a $100 million term loan and $50 million proceeds from the issuance of 50,000 additional Series D convertible preferred shares, both from Nasdaq-listed Toro Corp. controlled by Petros Panagiotidis, President and CEO of Castor.