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Vopak to sell UK assets

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LNG Industry,


Royal Vopak has confirmed that it has agreed to sell all of its UK assets to Macquarie Capital and Greenergy.

Under the agreement, Macquarie Capital will acquire 100% of the shares of the three wholly-owned terminals: Vopak Terminal London, Vopak Terminal Teesside and Vopak Terminal Windmill, to become part of Navigator Terminals.

Greenergy will acquire Vopak Holding UK, comprising Vopak's 33.3% investment in the joint venture Thames Oilport (former Coryton refinery). Both transactions are expected to be completed by the end of 1Q16, subject to certain conditions.

The combined operational capacity (for oil, chemicals and gases) of the three terminals amounts to approximately 700 000 m3. The joint venture Thames Oilport is under development and not yet commissioned.

The cash and debt free enterprise value of the divestment of Vopak's UK assets amounts to £335 million and the transaction is expected to generate a net cash inflow of approximately £300 million. From a financial reporting perspective the total exceptional gain will be approximately £200 million and will be recognised in 2016. The final proceeds will be determined as per the completion date.

Vopak confirmed that it will use the proceeds from this transaction to strengthen its flexibility to execute its selective capital disciplined growth strategy and to support its consistent dividend policy, while maintaining a robust financial position.


Edited from press release by

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/22122015/vopak-to-sell-uk-assets-1807/


 

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