• Natural Gas News

    Shareholders back Hoegh LNG going private

Summary

The acquisition is on track for completion by mid-year.

by: Joe Murphy

Posted in:

Natural Gas & LNG News, Europe, Liquefied Natural Gas (LNG), Corporate, News By Country, Norway

Shareholders back Hoegh LNG going private

Shareholders of Norwegian floating storage and regasification unit (FSRU) operator Hoegh LNG have backed a proposal to take the company back into private hands.

Hoegh LNG's board recommended the move in early March, which will involve Norwegian shipowner Leif Hoegh & Co and Morgan Stanley acquiring a 50.4% stake in the vessel operator on a 50:50 basis. They will pay 23.50 kroner/share, valuing the overall enterprise at 1.82bn kroner (US$1.82bn). Leif Hoegh & Co already controls the remaining 49.6% interest.

The acquisition has already received bondholder approval, and is on track for completion by mid-year. In February, BlackRock's Global Energy & Power Infrastructure team also made a bid to buy all outstanding shares in Monaco-based shipowner GasLog.