- Wednesday, October 16, 2024
Dutch tank-storage company, Royal Vopak, has announced the sale of its three chemical terminals in Rotterdam, the Netherlands, to Infracapital, the infrastructure equity investment arm of M&G. The total purchase price for the deal amounts to EUR 407 million ($435.1 million). This figure includes a conditional deferred payment of EUR 19.5 million, resulting in an expected cash receipt of approximately EUR 368 million after transaction costs and net debt items at closing.
The transaction is pending works council consultation and customary closing conditions. However, it is expected to be finalized before the end of the year.
As a result of the sale, Vopak anticipates partially reversing the 2022 cash generating unit impairment charges associated with the terminals. This reversal is estimated to be around EUR 54 million and will be reported as an exceptional item.
Chief Financial Officer Michiel Gilsing explained that the divestment aligns with Vopak's strategic objectives of improving its portfolio's financial performance, expanding its presence in gas and industrial terminals, and accelerating towards new energies.
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