Royal Vopak has issued an update related to the earlier announced divestment of its terminal in Algeciras in Spain to First State Investments.
On 30 September 2019 Vopak updated the market that for the divestment of the terminal in Algeciras, Vopak was still in discussion with the minority shareholder Vilma Oil.
Today Vopak has concluded the discussions with the minority shareholder in Vopak Terminal Algeciras and has acquired the 20% of the shares held by Vilma Oil. Vopak has an agreement with First State Investments for the sale of 100% of the shares in Vopak Terminal Algeciras. The completion of this transaction is subject to customary closing conditions.
The total transaction value agreed with First State Investments for 100% of the shares in the terminal is €125 million and the transaction is expected to generate a net pre-tax cash inflow for Vopak of approximately €120 million at completion. The total expected exceptional gain before taxation will be around €10 million.
At the completion of the transaction of the terminal in Algeciras, the use of the proceeds, including those of the completed sale of Hamburg and Amsterdam, will be announced in line with the strategy and financial framework as presented at the Vopak Capital Markets Day 27 November 2018.
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/10102019/royal-vopak-acquires-algeciras-terminal-shares-from-vilma-oil/