Vopak reaches agreement with Infracapital on the sale of its chemical terminals in Rotterdam
Vopak announces that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven) for a total purchase price of EUR 407 million including a conditional deferred payment of EUR 19.5 million. Total expected cash receipt net of transaction costs and net debt items at closing is around EUR 368 million. This divestment follows the strategic review as announced on 15 February 2023. The combined operational capacity of the three terminals is 1.4 million cbm.
Infracapital, the infrastructure equity investment arm of M&G Plc, is a specialist European infrastructure investor with over 20 years of experience and a proven track record of owning infrastructure assets in the Netherlands.
The transaction is subject to works council consultation and customary closing conditions and is expected to close before year end.
Vopak expects to partially reverse the cash generating unit impairment charges, recorded in 2022 related to the divested terminal assets, for an amount of around EUR 54 million to be reported as an exceptional item. FY 2022 EBITDA excluding exceptional items of these entities was approximately EUR 45 million.
Royal Vopak is the world’s leading independent tank storage company. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands.
