EQT to acquire Westway for $419 million

NEW ORLEANS, US: Westway Group Inc has entered into a definitive agreement pursuant to which an affiliate of EQT Infrastructure II will acquire all of the outstanding equity securities of Westway Group Inc for approximately $419 million in aggregate cash consideration or $6.70 in cash per common share. The company also announced that it has entered into a definitive agreement to sell its liquid feed supplement business and certain bulk liquid storage terminals located in Ireland, Denmark, Korea, and the United Kingdom to an affiliate of ED&F Man Holdings Limited, the Company’s largest stockholder, for a purchase price of approximately $115 million, subject to adjustment.

“Westway has a strong history of providing value added storage services to a loyal customer base, and we look forward to partnering with its exceptional management team. Demand for storage services continues to grow as the global supply chain for a number of industries becomes increasingly complex. We believe that Westway’s ability to provide high quality and reliable storage services to existing customers while also expanding storage services to other growing markets will help foster its next stage of development,” said Glen T Matsumoto, Partner at EQT Partners in the United States, Investment Advisor to the EQT Infrastructure II.

© WOC News