Vopak Wraps Up Sale of Amsterdam, Hamburg Terminals
The Netherlands-based tank storage company Royal Vopak has completed the divestment of its terminals in Amsterdam and Hamburg to First State Investments.
Unveiled in April this year, the transaction involving the terminals in Amsterdam and Hamburg is worth about EUR 600 million (USD 655.5 million).
The move is said to be in line with Vopak’s strategy focused on industrial, chemical and gas terminals as well as strengthening its position in Rotterdam and Antwerp.
At completion, the transaction generates a cash inflow for Vopak of approximately EUR 555 million. The total exceptional gain after taxation will be around EUR 190 million, to be recorded in the third quarter of 2019, according to the company.
With regards to the terminal in Algeciras, Vopak said it is in discussion with the current minority shareholder in this terminal to dispose of its 80% share interest.
The stake in the 403,000 cbm facility would be sold for the same purchase price and terms and conditions as agreed with First State Investments, Vopak added.