Vopak sells three terminals
Royal Vopak is finalising the sale of its terminals in Algeciras (Spain), Amsterdam (the Netherlands) and Hamburg (Germany). This divestment follows the strategic review of the hubs in 2018. The transaction is subject to certain customary closing conditions and should be completed in the second half year of 2019.
The combined operational capacity of the terminals is 2,288,000 cbm. The total agreed transaction value is EUR 723 million, including a contingent consideration of EUR 15 million, which is subject to certain revenue conditions.
The sale is expected to generate a net pre-tax cash inflow for Vopak of approximately EUR 670 million at completion in 2019. The total exceptional gain before taxation should be around EUR 200 million, which the company hopes to receive in the second half of 2019. (kd)