Gulf Oil and Gas accountACCOUNT

Odfjell Agrees to Acquire Lindsay Goldberg’s Stake in Korea Terminal

Source: www.gulfoilandgas.com 12/3/2020, Location: Asia

Odfjell SE has reached an agreement with Lindsay Goldberg (LG) to acquire their indirect 24.5% shareholding in Odfjell Terminals Korea (OTK) at a purchase price of USD 19 million. Following the transaction, Odfjell SE will control 50% of OTK’s shareholding alongside the long-term, local JV partner KPIC.

OTK generated an annual EBITDA of USD 2.2 million and net result of USD 0.7 million in FY2019 (based on 25.5% Odfjell SE shareholding). The acquisition will be funded through available proceeds within the Odfjell Terminals structure, and closing is expected to take place within December 2020. Commenting on the transaction, Kristian Mørch, CEO of Odfjell, said:
“We are pleased to have reached an agreement with LG to acquire their stake in OTK. OTK is a high-quality terminal and represents a good fit with our strategy for Odfjell’s terminal division. As such, this is another milestone in completing the restructuring of our terminal portfolio and our strategy to focus on chemical terminals where we can harvest synergies with Odfjell Tankers or have another angle for further value creation by Odfjell. The acquisition will have a positive effect on results, return and cash flow for Odfjell SE, and also ensure a simple and efficient governance structure for OTK.”

Acquisitions and Divestitures News in South Korea >>

Brazil >>  3/4/2021 - Petro Rio S.A., following best corporate governance practices and in addition to the Material Fact of November 19, 2020, informs its shareholders and ...
Spain >>  3/3/2021 - Warrego Energy Limited is pleased to announce the completion of the acquisition of a 50.1% interest in El Romeral, an integrated gas production and po...

United States >>  3/3/2021 - IOG Capital, LP reported today that, on March 2, 2021, IOG Resources LLC, one of its affiliated companies, closed on the acquisition of certain produc...
Netherlands/Holland >>  3/2/2021 - On 3 November 2020, Neste announced that it would acquire Bunge Loders Croklaan's refinery plant in Rotterdam, the Netherlands. The refinery plant is ...

United Kingdom >>  3/2/2021 - Trelleborg has signed an agreement and finalized the divestment of its offshore operation in Skelmersdale, England. The company is part of the overall...
United Kingdom >>  3/2/2021 - Seaspan Corporation, a wholly owned subsidiary of Atlas Corp., has entered into an agreement to acquire two young, high-quality 15,000 TEU scrubber-fi...




South Korea Oil & Gas 1 >>  2 | 3 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.