Vopak reaches agreement with Infracapital on the sale of its chemical terminals
Published by Poppy Clements,
Editorial Assistant
Hydrocarbon Engineering,
This divestment follows the strategic review as announced on 15 February 2023. The combined operational capacity of the three terminals is 1.4 million m3.
Infracapital, the infrastructure equity investment arm of M&G Plc, is a specialist European infrastructure investor with over 20 years of experience and a track record of owning infrastructure assets in the Netherlands.
The transaction is subject to works council consultation and customary closing conditions and is expected to close before the end of the year.
Vopak expects to partially reverse the cash generating unit impairment charges, recorded in 2022 related to the divested terminal assets, for an amount of around €54 million to be reported as an exceptional item. FY 2022 EBITDA excluding exceptional items of these entities was approximately €45 million.
Patrick van der Voort, Vopak Business Unit President, the Netherlands said: "Although within Vopak we will surely miss our colleagues at the chemical terminals in Rotterdam, we are convinced that our customers and colleagues will be well served by partnering with Infracapital who is a long term and an experienced infrastructure investor. We would like to thank everyone involved for their trust and contribution to Vopak and will work together, with among others the works council towards a closing and smooth ownership transfer to Infracapital."
Michiel Gilsing, Member of the Executive Board and CFO of Vopak commented: “The divestment of the three chemical terminals in Rotterdam is in line with our strategic goals to improve the financial performance of the portfolio, grow Vopak’s footprint in gas and industrial terminals and accelerate towards new energies. We remain committed to actively manage our portfolio towards infrastructure investments that support the long term cash flow profile and return ambitions of the company."
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/19092023/vopak-reaches-agreement-with-infracapital-on-the-sale-of-its-chemical-terminals/
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