Odfjell, Lindsay Goldberg expand tank storage joint venture

Odfjell, Lindsay Goldberg to expand tank storage joint venture

6:47 AM, 21st December 2012
Odfjell, Lindsay Goldberg to expand tank storage joint venture

HOUSTON, US: Odfjell SE has entered into a letter of intent to expand its existing joint venture with Lindsay Goldberg LLC to include substantially all of Odfjell’s tank storage business globally. In the proposed transaction, it is intended that Lindsay Goldberg will acquire a 49 per cent interest in Odfjell Terminals BV.

It is further intended that the assets in the existing joint venture (OTBV) will ultimately be fully owned by OTBV. In exchange for a 49 per cent share in OTBV, Lindsay Goldberg will contribute its 49 per cent share of the existing joint venture as well as a cash contribution to OTBV of approximately $226 million, subject customary closing balance sheet adjustments.

“The proposed transaction follows the success of our existing joint venture with Lindsay Goldberg where Lindsay Goldberg has proven itself as a long-term oriented partner with a strong dedication to developing and creating value for our business. Our greenfield projects in China are significant in size and scope and we are confident that together with Lindsay Goldberg we can accelerate the development of these projects,” said Jan A Hammer, President and CEO, Odfjell.

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