Odfjell to expand strategic partnership with Lindsay Goldberg to form a global platform for its tank terminals business
(Thomson Reuters ONE) -
Bergen, 19 December 2012
Odfjell SE ("Odfjell" or the "Company") is pleased to announce that it today has
entered into a letter of intent to expand its existing joint venture with
Lindsay Goldberg LLC ("Lindsay Goldberg") to include substantially all of
Odfjell's tank terminals business globally.
In the proposed transaction, it is intended that Lindsay Goldberg will acquire a
49% interest in Odfjell Terminals B.V. ("OTBV"), the holding company for
substantially all of Odfjell's tank terminals activities, and that subsequently
all remaining tank terminals activities outside of OTBV will be included in OTBV
(with the exception of two minority investments). It is further intended that
the assets in the existing joint venture will ultimately be fully owned by OTBV.
In exchange for a 49% share in OTBV, Lindsay Goldberg will contribute its 49%
share of the existing joint venture as well as a cash contribution to OTBV of
approximately USD 226 million, subject customary closing balance sheet
adjustments. The transaction values Odfjell's tank terminals business outside of
the existing joint venture at approximately 10x 2012E EBITDA.
The proposed transaction will significantly increase the capitalization of OTBV
and will enable us to jointly execute on an ambitious and accelerated growth
strategy within tank terminal business. Odfjell is currently developing a new
tank terminal facility in Charleston, South Carolina and is expanding its
existing facility in Houston, Texas. Odfjell was also selected to evaluate the
development of a new bulk liquids terminal facility in Le Havre, France. Odfjell
also sees tremendous growth opportunities in China, where Odfjell is currently
working on several new projects totaling approximately 2 million cbm of new tank
storage capacity. In addition, Odfjell is evaluating several interesting new
projects in India, the Middle-East, Africa and South America.
The rationale behind the expanded partnership is to capitalize on these growth
opportunities by establishing a strong platform for further investments and
consolidation. Odfjell considers Lindsay Goldberg to be a strong and reliable
long-term partner who can help fund its ambitious growth plans and build a large
independent tank terminals company with a global presence.
President and CEO of Odfjell, Jan A. Hammer, says:
"The proposed transaction follows the success of our existing joint venture with
Lindsay Goldberg where Lindsay Goldberg has proven itself as a long-term
oriented partner with a strong dedication to developing and creating value for
our business. Our greenfield projects in China are significant in size and scope
and we are confident that together with Lindsay Goldberg we can accelerate the
development of these projects."
The proposed transaction is subject to confirmatory due diligence, negotiation
and execution of definitive documentation and customary closing conditions.
DNB Markets is acting as financial advisor to Odfjell as part of the proposed
transaction.
Contacts
For more information please contact:
President/CEO Jan A. Hammer, ph. +47 55 27 00 00, e-mail: jan.hammer(at)odfjell.com
CFO Terje Iversen, ph. + 47 55 27 47 39, e-mail: terje.iversen(at)odfjell.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Odfjell SE via Thomson Reuters ONE
[HUG#1666199]
Unternehmensinformation / Kurzprofil:
Datum: 19.12.2012 - 08:58 Uhr
Sprache: Deutsch
News-ID 214222
Anzahl Zeichen: 4415
contact information:
Town:
Bergen
Kategorie:
Business News
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"Odfjell to expand strategic partnership with Lindsay Goldberg to form a global platform for its tank terminals business"
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