Linklaters Advises on Altamira LNG Acquisition (Mexico)

Linklaters has advised a banking syndicate in relation to the acquisition of a liquid natural gas (LNG) storage and regasification terminal in Altamira, Mexico by a joint venture of Vopak (60%) and Enagás (40%).

The syndicate comprised Banamex, BBVA Bancomer S.A., Citi, Crédit Agricole Corporate and Investment Bank, ING Bank N.V., CaixaBank S.A., Mizuho Corporate Bank​, Ltd., and Banco Sabadell, Miami Branch

The joint venture acquired 100% of the shares in the current owner and operator of the facility from Shell (50%), Total (25%) and Mitsui (25%) for a total consideration of US$408m.  The deal completed simultaneously in the Netherlands and Mexico on 13 September.

The acquisition was financed, in part, by facilities provided by the lenders totalling US$300m.

Linklaters’ cross-border team from London and Amsterdam offices was led by Manzer Ijaz, a London partner in the energy and infrastructure group, and managing associate, Simon Caridia.

Manzer Ijaz commented:

“We are delighted to have advised the lenders in relation to this deal for Vopak and Enagás.  Our London and Amsterdam teams were able to work together in close co-operation together with González Calvillo in Mexico to ensure that the deal was delivered on time in accordance with a tight timetable and structured in a manner that allowed the lenders to offer highly competitive terms for a deal of this nature.”

Simon Caridia added:

“The hybrid project/acquisition financing of this transaction presented some interesting challenges and we are very pleased to have been able to work closely with a diverse lender group together with Vopak and Enagás to provide solutions enabling these challenges to be met.  The fact that eight banks, based in five different jurisdictions, participated in the financing is testament to their confidence in both the deal and the sponsors.”

Martijn Koopal, managing partner of Linklaters’ Amsterdam office noted:

“We are pleased for our Dutch energy and project finance team to have been involved in this key acquisition for Vopak, an important international player in the LNG sector”.

The cross-border team also included partner Daniel Tyrer and associates Joris Ravelli, Varsha Trottman, Misi Awoyemi, Jen Green, Jesse van Kuyk, Kristina Shamieva and Subir Rajadhyaksha.  Mexican law advice was provided by Rodrigo Rojas (partner) and Daniel Silva (associate) of González Calvillo.

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Source: Linklaters, September 20, 2011