Vopak has recently announced that it has reached an agreement with Infracapital regarding the sale of its three chemical terminals in Rotterdam. The purchase price, including a conditional deferred payment, amounts to EUR 407 million. After deducting transaction costs and net debt items, Vopak expects to receive around EUR 368 million in cash. This decision follows a strategic review that was announced earlier this year.
Infracapital, the infrastructure equity investment arm of M&G Plc, is an experienced European infrastructure investor with a strong presence in the Netherlands. The transaction is still subject to works council consultation and customary closing conditions, but it is anticipated to be finalised before the end of the year.
Vopak plans to partially reverse the cash generating unit impairment charges recorded in 2022, related to the divested terminal assets. This reversal is expected to amount to approximately EUR 54 million and will be reported as an exceptional item. The EBITDA for the divested entities in 2022, excluding exceptional items, was approximately EUR 45 million.
Patrick van der Voort, the president of Vopak Business Unit Netherlands, expressed his gratitude towards everyone involved in the process and assured that Vopak will work closely with the works council to ensure a smooth transition of ownership to Infracapital. Michiel Gilsing, the CFO of Vopak, highlighted that this divestment aligns with the company’s strategic goals of improving financial performance, expanding in gas and industrial terminals, and advancing towards new energies.
For more information visit www.vopak.com