Hastings reaped huge rewards on Freeport LNG sale
After the sale of Freeport LNG’s stake by Australia’s Hasting Funds Management to GIP, reports of the gain have showed that Hastings made a timely decision on the sale.
The price of $1.1 billion was 5.5 times bigger than the price fund payed four years ago for the 25% stake in Freeport LNG.
“It was timely for Hastings to monetize the investment given strong market demand for assets exposed to the LNG value chain,” Hastings executive director of global investment Peter Taylor said in a statement.
Reuters reports that Hastings bought the Freeport stake in 2010 for about $200 million and the sale comes just in time when Freeport LNG terminal started with the build of three new liquefaction plants expected to begin operations in four years.
LNG World News Staff, July 15, 2014; Image: Freeport LNG