Deal valued at US$ 215mn
Tristar Transport, an integrated energy logistics group headquartered in the UAE, recently announced that it has signed a sale and purchase agreement with Madison Pacific Trust to acquire a 51 percent stake in HG Storage International (HGSI).
Madison Pacific is selling such stake as holder of a security interest in such stake granted by HNA Innovation Finance Group (HNA) to secure payment under certain notes issued by HNA.
HGSI is a joint venture between HNA and Glencore Group Funding Limited, a wholly owned subsidiary of Glencore, one of the world’s largest globally diversified natural resource companies.
Through this deal, Tristar will acquire a majority holding in a well-diversified portfolio of oil storage, distribution and retail assets owned by HGSI, comprising 8 operating assets across four key regions: Europe, the Americas, Middle East and Africa.
The transaction, valued at US$ 215mn, will add more than 3mn cbm of fuel storage capacity to the Tristar portfolio and extend the company’s global presence to 29 countries across the globe.
Following the transaction, Glencore will remain as a key strategic shareholder of HGSI and a joint venture partner to Tristar.
Completion of the deal is expected in the second quarter of 2022 and subject to certain regulatory filings and approvals, and stakeholder consent. Tristar was advised by Acqua Capital and Freshfields Bruckhaus Deringer (legal advisor).
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