Vopak will be the majority shareholder with a 60% interest with Enagas holding the remaining 40%
The purchase represents a complementary business and it is related to the company’s core business
The Enagas closing is subject to approval from Spain’s energy regulator
Enagas and the Dutch company Vopak have reached an agreement for the acquisition of an LNG regasification terminal in Altamira (Mexico). For this purpose a joint venture has been established in which Vopak owns 60% of the shares and Enagas 40%.
The deal will entail a cash contribution by Enagas of roughly USD 48 million. The rest of the transaction will be funded with project finance which will not entail any additional outlay by Enagas.
The Vopak/Enagas joint venture has reached an agreement with the current shareholders of the Terminal in Altamira —Shell (with a 50% ownership interest), Total (25%) and Mitsui & Co., LTD (25%)— for the acquisition of the Mexican facility. The Vopak/Enagas joint venture is expected to take over operational control in Q3 2011.
The Enagas closing is subject to approval from Spain’s energy regulator, the CNE, besides the positive approval required from other competent authorities.