Asia/Pacific News
Reports: Macquarie Set to Enter Singapore Oil Storage With Stake in Universal Terminal
Funds run by Macquarie Group are close to finalizing an agreement to purchase a minority stake in Singapore oil storage firm Universal Terminal, Bloomberg reports.
The news service quoted unnamed persons said to be familiar with the matter as saying that Macquarie could buy more than 40 percent of Universal as soon as next week.
It was said that the stake will involve purchase of existing shares from Singapore oil trader Hin Leong Trading Pte, 65 percent owner of the company, as well as from PetroChina, owner of the remaining 35 percent.
Universal's facilities including 78 storage tanks and 15 jetties, with 2.33 million cubic meters of storage capacity on Singapore's Jurong Island.
The deal was said to value Universal at about $3 billion including debt.
The company's controlling shareholder began approaching potential buyers of a minority stake after a $700 million initial public offering for the company was postponed last December, sources said.
Earlier this week Macquarie also made headlines on Ship & Bunker over a separate storage acquisition on the UK.
