Stonepeak to acquire Teekay LNG for $6.2bn
Stonepeak, a New York-based infrastructure investment firm, and Bermuda-based LNG carrier owner Teekay LNG, said October 4 they had entered into an agreement under which investment vehicles managed by Stonepeak would acquire Teekay LNG for an estimated $6.2bn.
The transaction grew out of a strategic review of Teekay LNG by the board of directors of its general partner, which has unanimously approved the sale and recommended Teekay LNG’s unitholders vote in favour of the arrangement.
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“This is a transformative transaction for Teekay LNG that will enable existing unitholders to realise an attractive valuation and immediate liquidity on closing,” Teekay Gas Group CEO Mark Kremin said. “Under Stonepeak’s ownership, we expect Teekay LNG to have improved access to competitively priced capital for both fleet renewal and potential future growth in the next phase of our development, which has not been available through the public equity capital markets for many years.”
Teekay LNG is one of the world’s largest independent owners and operators of LNG carriers, with interests ranging between 20% and 100% in 47 LNG carriers, 21 mid-size LPG carriers and seven multi-gas carriers. It also holds a 30% interest in an LNG regasification terminal in Bahrain.
The transaction is expected to close by the end of this year.