Royal Vopak has today announced that it has sold the Swedish entity
Vopak Sweden AB to
Inter Pipeline Ltd., a transportation and storage company based in Canada.
The divested entity consists of four terminals: Vopak Terminal Gothenburg, Vopak Terminal Gävle, Vopak Terminal Malmö and Vopak Terminal Södertälje. The combined operational capacity of these terminals is 1.3 million cubic metres (cbm), of which 0.3 million cbm is cavern storage.
In a statement, Vopak said the divestment was in line with the outcome of its business review, as announced in July 2014.
"Based on this business review, Vopak has updated its terminal portfolio criteria in accordance with the changing energy and petrochemical landscape and continuing economic shift from West to East," the company said.
As part of the review, Vopak announced, amongst others, its decision to divest around 15 primarily smaller terminals.
The debt-free enterprise value for the divestment of Vopak Sweden AB amounts to SEK 865 million (approximately 92.3 million), which results in net cash proceeds at completion of SEK 844 million (approximately EUR 90.7 million), Vopak said.
In 2014, these terminals contributed less than 1 percent of Vopak's EBITDA. From a financial reporting perspective, Vopak said the divestments are to be reported in the second quarter of 2015 and will result in a non-material exceptional result.
The net cash flows resulting from the deal will be used "to execute Vopak's strategy", the storage operator said.
