First State Investments News

The European Commission has approved the acquisition of OLT Offshore LNG Toscana by SNAM and the UK’s First State Investments International (FSI), under the EU merger regulation.According to the Commission, OLT is active in the management of a floating storage and regasification unit for liquefied natural gas in Italy.SNAM is the holding company of the Snam group, which is active in the development and integrated management of gas infrastructures and, in particular, in the transmission, regasification and storage of natural gas in Italy and other EU countries.FSI is a company within the asset management division of Mitsubishi UFJ Trust and Banking Corporation…

Dutch multinational company Royal Vopak has recently completed the previously announced divestment of its oil terminal in Algeciras to First State Investments.This divestment is the finalization of the sale of three terminals (Amsterdam, Hamburg and Algeciras) to First State Investments as previously announced.On 12 February 2020, Vopak will publish its 2019 full-year results, including the financial results of the divestment which are in line with previous announcements made in 2019.

The Netherlands-based tank storage company Royal Vopak has completed the divestment of its terminals in Amsterdam and Hamburg to First State Investments. The divestment was announced on 5 April 2019.The total agreed transaction value of the terminals in Amsterdam and Hamburg is around EUR 600 million, including a contingent consideration of EUR 15 million which is subject to certain revenue conditions.At completion, the transaction generates a cash inflow for Vopak of approximately EUR 555 million. The total exceptional gain after taxation will be around EUR 190 million, to be recorded in the third quarter of 2019.For the divestment of the terminal in Algeciras…

German energy group Uniper has concluded an agreement with Australian fund First State Investments to divest its stake in OLT Offshore liquefied natural gas (LNG) Toscana.First State Investments will acquire Uniper’s entire OLT stake. The purchase price for Uniper’s stake amounts to approx. €400 million ($452 million) and will be adjusted at closing for any distributions already made to Uniper in 2018 and 2019. The resulting net proceeds at a closing later this year are expected to be at a level of approx. €340 million.Uniper has a 48.2% stake in OLT. OLT’s other shareholders are Italy-based IREN Group, which has a 49.1% stake, and Golar LNG, which has a 2.7% stake.OLT is the company that developed and operates “FSRU Toscana”, a floating storage and regasification unit.

Dutch oil and chemicals storage company Royal Vopak has agreed to sell three terminals - Algeciras, Amsterdam and Hamburg - to First State Investments for 723 million euros ($812 million)."This divestment follows the strategic review of these terminals as announced on 17 August 2018. The transaction is subject to certain customary closing conditions and is expected to complete in the second half year of 2019. The combined operational capacity of the three terminals is 2,288,000 cbm," said a press release from the company.The total agreed transaction value of EUR 723 million includes a contingent consideration of EUR 15 million, which is subject to certain revenue conditions.

First State Investments is taking over the ferry route Helsingør-Helsingborg including the five vessels operating the line. The contract with First State Investments became effective retroactively as of 1 January 2015. In connection with the closing of the sales, Scandlines has repaid debt in the order of EUR 66 million, keeping the leverage below 4.7 x EBITDA. The remaining proceeds from the transaction are planned for upstream dividend to the ultimate owners of Scandlines. Going forward, Scandlines will focus on its two ferry routes between Puttgarden-Rødby and Rostock-Gedser together with the two BorderShops in Puttgarden and Rostock.

First State Investments is taking over the ferry route Helsingør-Helsingborg including the five vessels operating the line. retroactively as of 1 January 2015. million, keeping the leverage below 4.7 x EBITDA. The remaining proceeds from the transaction are planned for upstream dividend to the ultimate owners of Scandlines. Going forward, Scandlines will focus on its two ferry routes between Puttgarden-Rødby and Rostock-Gedser together with the two BorderShops in Puttgarden and Rostock. transportation services combined with high capacity and attractive customer experience”,states Søren Poulsgaard Jensen, CEO Scandlines. forward to the future cooperation. Both parties have agreed not to disclose any financial details of the agreement.