Vopak reaches agreement with Infracapital on the sale of its chemical terminals in Rotterdam
19 September 2023 - 4:00PM
Vopak reaches agreement with Infracapital on the sale of its
chemical terminals in Rotterdam
Vopak reaches agreement with Infracapital on the sale of
its chemical terminals in Rotterdam
Rotterdam, the Netherlands, 19 September 2023 08:00 CEST
Vopak announces that it has reached an agreement with
Infracapital on the sale of its three chemical terminals in
Rotterdam (Botlek, TTR and Chemiehaven) for a total purchase price
of EUR 407 million including a conditional deferred payment of EUR
19.5 million. Total expected cash receipt net of transaction costs
and net debt items at closing is around EUR 368 million. This
divestment follows the strategic review as announced on 15 February
2023. The combined operational capacity of the three terminals is
1.4 million cbm.
Infracapital, the infrastructure equity investment arm of
M&G Plc, is a specialist European infrastructure investor with
over 20 years of experience and a proven track record of owning
infrastructure assets in the Netherlands.
The transaction is subject to works council consultation and
customary closing conditions and is expected to close before year
end.
Vopak expects to partially reverse the cash generating unit
impairment charges, recorded in 2022 related to the divested
terminal assets, for an amount of around EUR 54 million to be
reported as an exceptional item. FY 2022 EBITDA excluding
exceptional items of these entities was approximately EUR 45
million.Patrick van der Voort - Vopak Business Unit President
Netherlands: "Although within Vopak we will surely miss our
colleagues at the chemical terminals in Rotterdam, we are convinced
that our customers and colleagues will be well served by partnering
with Infracapital who is a long term and an experienced
infrastructure investor. We would like to thank everyone involved
for their trust and contribution to Vopak and will work together,
with among others the works council towards a closing and smooth
ownership transfer to Infracapital."
Michiel Gilsing, Member of the Executive Board and CFO of
Vopak: “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.
We remain committed to actively manage our portfolio towards
infrastructure investments that support the long term cash flow
profile and return ambitions of the company."
Vopak’s Strategy - Shaping the future Our commitment
to shaping a better future has led us to set ambitious goals to
guide us towards 2030. Our aim is to improve the financial and
sustainability performance of our portfolio. In addition, we aim to
grow in industrial and gas infrastructure by investing EUR 1
billion by 2030 and to accelerate in infrastructure for new
energies by investing another EUR 1 billion over the same period.
We are proud to be leading the way in providing infrastructure
solutions that are and will be essential to the economy and the
daily lives of people around the world.
This press release contains inside information as meant in
clause 7 of the Market Abuse Regulation.About
Vopak Royal Vopak is the world’s leading independent tank
storage company. We store vital products with care. Products for
everyday life. The energy that allows people to cook, heat or cool
their homes and for transportation. The chemicals that enable
companies to manufacture millions of useful products. The edible
oils to prepare food. We take pride in improving access to cleaner
energy and feedstocks for a growing world population, ensuring
safe, clean and efficient storage and handling of bulk liquid
products and gases at strategic locations around the world. We are
excited to help shape a sustainable future by developing
infrastructure solutions for new vital products, focusing on zero-
and low-carbon hydrogen, ammonia, CO2, long duration energy storage
and sustainable feedstocks. We have a track record of over 400
years in navigating change and are continuously investing in
innovation. On sustainability, we are ambitious and performance
driven, with a balanced roadmap that reflects key topics that
matter most to our stakeholders and where we can have a positive
impact for people, planet and profit and the United Nations
Sustainable Development Goals. Vopak is listed on the Euronext
Amsterdam and is headquartered in Rotterdam, the Netherlands. For
more information, please visit www.vopak.com
For more information please contact:Vopak
Press: global.communication@vopak.com Vopak
Analysts and Investors: Fatjona Topciu - Head of Investor
Relations,e-mail: investor.relations@vopak.com
- Press Release Vopak reaches agreement with Infracapital on the
sale of its chemical terminals in Rotterdam
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