By Joe Hoppe
Royal Vopak said it has agreed to sell its three chemical terminals in Rotterdam, the Netherlands, to M&G’s infrastructure equity investment arm Infracapital for a total purchase price of 407 million euros ($435.1 million).
The Dutch tank-storage company said Tuesday that the price includes a conditional deferred payment of EUR19.5 million, and the total expected cash receipt after transaction costs and net debt items at closing is expected to be around EUR368 million.
The deal is subject to works council consultation and customary closing conditions and is expected to close before the end of the year.
Vopak said it expects to partially reverse the 2022 cash generating unit impairment charges related to the terminals, for an amount of around EUR54 million, which will be reported as an exceptional item.
“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,” Chief Financial Officer Michiel Gilsing said.
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