M&As this week: Odfjell Terminals, Taiyo Oil, SSE
Odfjell Terminals, a subsidiary of Odfjell SE, has agreed to dispose its 29.75% stake in Oiltanking Odfjell Terminals & Co (OOT), for $130 million.
OOT is a joint venture of Oiltanking GmbH (42.5%), Odfjell Terminals BV (42.5%) and Star Energy Group Limited (15%). It owns and operates a 1.3m³ terminal at Sohar Industrial Port.
The divestiture enables Odfjell Terminals to concentrate on its other terminals worldwide and to further invest in terminal operation in its core markets, including Houston and Rotterdam.
Marquard & Bahls has concurrently agreed to buy a 21.99% stake in OOT.
Taiyo Oil Company has agreed to pay $129.29 million to acquire Nansei Sekiyu Kabushiki Kaisha, from Petrobras International Braspetro.
Nansei Seikyu’s assets include a refinery with a processing capacity of 100,000 barrels of oil per day, three piers for loading / offloading ships and a monobuoy located on the Island of Okinawa, Japan.
Scheduled for completion by the end of December 2016, the acquisition forms part of Petrobras’ divestment and strategic plan and will allow Taiyo Oil to fortify its refining operations in Japan.
SSE has agreed with wholly owned subsidiaries of the Abu Dhabi Investment Authority (ADIA) to dispose its 16.7% stake in Scotia Gas Networks Limited (SGN). The deal involves a sale consideration of $755.29 million.
SGN delivers natural and green gas to approximately six million domestic and industrial users across Scotland and the south of England.
Upon completion of the transaction by the end of October, SGN will be owned by SSE (33.3%), OTPP (25%), Borealis Infrastructure (25%) and ADIA (16.7%).
The proceeds from the sale are intended to be used by the company to pay off existing shareholders or to reinvest to create value for stakeholders.
Public Investment Corporation (PIC) has completed the acquisition of an additional 27.02% interest in Sacoil Holdings Limited.
The company has acquired a 19.6% stake from Westglamry Limited and 7.42% from Newdel Holdings, bringing its total stake in Sacoil to 68.65%.
Sacoil owns and operates upstream, midstream and downstream oil and gas assets in Africa.