Shareholders back Hoegh LNG going private

Shareholders of Norwegian floating storage and regasification unit (FSRU) operator Hoegh LNG have backed a proposal to take the company back into private hands.

Hoegh LNG's board recommended the move in early March, which will involve Norwegian shipowner Leif Hoegh & Co and Morgan Stanley acquiring a 50.4% stake in the vessel operator on a 50:50 basis. They will pay 23.50 kroner/share, valuing the overall enterprise at 1.82bn kroner (US$1.82bn). Leif Hoegh & Co already controls the remaining 49.6% interest.

The acquisition has already received bondholder approval, and is on track for completion by mid-year. In February, BlackRock's Global Energy & Power Infrastructure team also made a bid to buy all outstanding shares in Monaco-based shipowner GasLog.