Teekay LNG Rebrands as Seapeak
Shipping company Teekay LNG has rebranded as Seapeak following the completion of its acquisition by U.S.-based investment firm Stonepeak.
One of the world’s largest independent owners and operators of liquefied natural gas (LNG) carriers, Teekay LNG announced in October that it entered into a merger agreement that would see Stonepeak acquire all issued and outstanding common units representing limited partner units in Teekay LNG, and its common un it holders voted to approve the deal in December.
All common units will convert into the right to receive $17.00 per common unit in cash, subject to deductions of applicable withholding tax. The common units, which trade on the New York Stock Exchange (NYSE) under the ticker symbol “TGP”, will be suspended from trading today and delist from the NYSE within 10 days. The partnership’s Series A and B preferred units, which trade on the NYSE under the ticker symbols “TGP PR A” and “TGP PR B”, respectively, will remain outstanding and continue to trade on the NYSE.
The partnership said it intends to convert to a limited liability company during the first quarter of 2022, at which time it will change its name to Seapeak LLC and change its Series A and B preferred units ticker symbols to “SEAL PR A” and “SEAL PR B”, respectively.
Seapeak has interests ranging from range from 20% to 100% in 47 LNG carriers, 20 mid-size LPG carriers, and seven multi-gas carriers. It also owns a 30% stake in an LNG regasification terminal.