Since we reported last during our Q2 earnings release on August 10th, we’ve repurchased approximately 770,000 Teekay Corporation shares at a total cost of approximately $18.5 million, which brings the total amount repurchased to date under our current share repurchase authorization to 5.2 million shares at a total cost of $162 million. Since our current authorization began in November, 2010, we’ve bought back approximately 7% of Teekay Corporation’s outstanding shares. For the time being, we have suspended further share buybacks as a result of the need to finance and complete these pending acquisitions.
Our three daughter companies have also been active in Q3 and Q4 to date. Related to its joint venture acquisition of the Maersk LNG fleet with Marubeni, this week Teekay LNG Partners completed a follow-on public equity offering raising net proceeds of approximately $180 million. Teekay LNG Partners Q3 distribution of $0.63 per unit is payable on November 14, and based on the expected cash flow accretion from the Maersk LNG transaction and the delivery of LNG and LPG new buildings in the last four months of this year, Teekay LNG management announced it intends to recommend a 7% increase to the Teekay LNG distribution effective for Q1 2010, which will be payable in May.
Just this morning, Teekay Offshore Partners announced its intention to acquire the [Paranima] FPSO from Sevan Marine directly for a purchase price of $165 million and concurrently signed an equity private placement agreement, raising net proceeds of approximately $170 million which will be used to partially finance the purchase. In October, Teekay Offshore Partners acquired the Scotts Spirit new building shuttle tanker from Teekay parent for approximately $116 million, not including an earn-out under which Teekay parent may receive an additional $12 million. And for Q3, Teekay Offshore declared a distribution of $0.50 per unit in line with the previous quarter.
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