EMEA News
Vopak Sells UK Terminals to Macquarie Capital and Greenergy
Royal Vopak N.V. (Vopak) has announced that it has reached an agreement on two seperate transactions for the sale of the company's UK assets to MACQUARIE Group Limited (Macquarie Capital) and Greenergy.
Vopak says the transactions, which are still subject to conditions and are expected to be finalised by the end of 2016's first quarter, will see Macquarie Capital acquire 100 percent of the shares of the three wholly-owned Vopak terminals, including Vopak Terminal London, Vopak Terminal Teesside, and Vopak Terminal Windmill.
The three oil, chemicals, and gas terminals, which are said to have a combined capacity of 700,000 cubic metres (cbm), will become part of Navigator Terminals.
Greenergy is reported to be acquiring Vopak Holding UK, which comprises a 33.3 percent investment in the Thames Oilport, which has not yet been commissioned and is still under development.
Vopak estimates that the £335 million ($498.55 million) agreement will generate a net cash inflow of approximately £300 million ($446.46 million) for the company.
"The proceeds from this transaction will be used to further strengthen Vopak's flexibility to execute its selective capital disciplined growth strategy and to support its consistent dividend policy, while maintaining a robust financial position," said Vopak.
In July, Ship & Bunker reported that Vopak had received an offer by an undisclosed bidder for its entire UK assets.
