Vitol and
VTTI B.V. have today announced that
Vitol Investment Partnership (VIP), an investment vehicle sponsored and managed by Vitol, has completed its acquisition of
MISC Berhad's 50 percent shareholding in
VTTI BV for a cash consideration of $830 million. Vitol already owned 50 percent of VTTI BV.
VTTI BV will continue to be run as an independent, standalone company under the leadership of CEO Rob Nijst, Vitol and VTTI B.V. said in a statement.
VIP has acquired the shares through VIP Terminals Finance B.V., a wholly-owned indirect subsidiary of VIP. VTTI B.V., which indirectly owns VTTI Energy Partners GP LLC, the general partner of VTTI Energy Partners LP.
In connection with the acquisition on November 9,
Yang Chien Yee, chairman of the board of directors of the general partner of VTTI Energy Partners LP, and Captain Rajalingam Subramaniam, director, have each resigned from the board. They have been replaced by David Fransen and Francis Brenner as directors.
Christopher Bake, a member of the board since the initial public offering (IPO) of VTTI Energy Partners LP in August 2014, has replaced Yang Chien Yee as chairman.
David Fransen has served as the managing director of Vitol SA Geneva since 2002 and is a member of the Vitol Group Board of Directors. He went to Vitol in 1986 from British Petroleum (BP). He has a wide range of experience within the Vitol Group, from gasoline trading and various management positions to the creation of Vitol's central management information system. He holds a Bachelor of Science degree in mathematics and computer science from Royal Holloway College, London.
Francis Brenner has served as Investments Director for the Americas for Vitol Inc., a subsidiary of Vitol, since 2010. Between 2001 and 2010, he was with Morgan Stanley, most recently as an executive director in the Morgan Stanley Commodities Group. Prior to joining Morgan Stanley, Brenner was involved in the design and construction of utility infrastructure at Tyco International. He holds a master's degree from the University of Michigan and a bachelor's degree in engineering from the University of Wisconsin-Platteville.
