Vopak completes the sale of its UK terminals
Published by Angharad Lock,
Digital Assistant Editor
Hydrocarbon Engineering,
Royal Vopak has completed the previously announced sale of its UK terminals: Vopak Terminal London, Vopak Terminal Teesside and Vopak Terminal Windmill. This transaction follows the earlier announced completion of the sale of Vopak's share in Thames Oilport. The sale of all Vopak's UK assets to respectively Macquarie Capital and Greenergy is herewith completed.
The cash and debt free enterprise value of the total divestment of all Vopak's UK assets amounts to £335 million and the transaction generates an aggregate net cash inflow in excess of £300 million. From a financial reporting perspective, the total exceptional gain will exceed £200 million. The currency exposure of the divestment has been hedged to the Euro. The 2016 financial effects, with respect to this transaction, will be included in the first quarter interim update.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/31032016/vopak-completes-the-sale-of-its-uk-terminals-2907/
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