Royal Vopak has reached agreement on the sale of all of its UK assets to Macquarie Capital and Greenergy.
Macquarie Capital will acquire 100% of the shares of the three wholly-owned terminals: Vopak Terminal London, Vopak Terminal Teesside and Vopak Terminal Windmill, to become part of Navigator Terminals.
Greenergy will acquire Vopak Holding UK, comprising Vopak's 33.3% investment in the joint venture Thames Oilport (former Coryton refinery). Both transactions are expected to be completed by the end of Q1 2016, subject to certain conditions.
The combined operational capacity (for oil, chemicals and gases) of the three terminals amounts to approximately 700,000 cbm. The joint venture Thames Oilport is under development and not yet commissioned.
The cash and debt free enterprise value of the divestment of Vopak's UK assets amounts to GBP335 million (US$484.6 million) and the transaction is expected to generate a net cash inflow of approximately GBP 300 million. From a financial reporting perspective the total exceptional gain will be approximately GBP 200 million and will be recognized in 2016. The final proceeds will be determined as per the completion date.
The proceeds from this transaction will be used to further strengthen Vopak's flexibility to execute its selective capital disciplined growth strategy and to support its consistent dividend policy, while maintaining a robust financial position. This divestment is in addition to the divestment program as announced on 2 July 2014, and following the earlier announcement on 13 July 2015, in which it was disclosed that a non-binding offer was received on all UK assets.