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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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VTTI Energy Partners unitholders approve merger with VTTI B.V.

13 Sep 2017 11:42 GMT

Merger is expected to close on Friday, September 15.



UK-headquartered storage terminal operator VTTI Energy Partners LP has announced that unitholders voted at a special meeting, held on Wednesday, to approve a merger plan, dated May 8, with VTTI B.V.

Approximately 98.75 percent of the common units and 100 percent of the subordinated units at the special meeting voted in favour of the adoption and approval of the merger.

The merger is expected to close on Friday, September 15.

Back in May, VTTI Energy Partners entered into a definitive merger agreement with VTTI B.V. under which VTTI B.V. would acquire, for cash, all of the outstanding publicly held common units of VTTI Energy Partners at a price of $19.50 per common unit for an aggregate transaction value of approximately $481 million.

The revised price represented an increase of $0.75 on the offer of $18.75 per common unit made by VTTI B.V. on March 2.

Under the agreement, unitholders of VTTI Energy Partners would also continue to receive regular quarterly distributions of $0.336 per unit for each completed quarter prior to the closing date.

VTTI Energy Partners owns storage terminals in the key bunkering locations of Fujairah, Rotterdam and Antwerp, as well as Johor in Malaysia and Port Canaveral in the United States.

Image: Staff at VTTI Energy Partners' terminal facility in Fujairah, UAE.






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