Vopak sells Rotterdam Chemical Terminals to Infracapital
Vopak, a global leader in tank storage, has confirmed its agreement with Infracapital for the sale of its three chemical terminals located in Rotterdam, The Netherlands. The terminals, namely Botlek, TTR, and Chemiehaven, have been sold for a total of EUR407 million (USD433 million). This includes a conditional deferred payment of EUR19.5 million (USD20.7 million), with an expected net cash receipt of approximately EUR368 million (USD391 million) after transaction costs and net debt items.
This strategic move follows Vopak’s review announced on February 15, 2023. The combined storage capacity of these terminals stands at 1.4 million cubic metres (cbm).
Infracapital, recognised as the infrastructure equity investment division of M&G Plc, boasts more than two decades of experience in infrastructure investment. They have a notable presence in the Netherlands and have consistently demonstrated their expertise in managing infrastructure assets.
The deal awaits approval from the works council and is subject to standard closing conditions. Completion is anticipated by the end of the year.
Vopak has projected a partial reversal of the impairment charges related to the sold terminal assets, recorded in 2022. This reversal, amounting to around EUR54 million (USD57.5 million), will be reported as an exceptional item. The FY 2022 EBITDA for these entities, excluding exceptional items, was approximately EUR45 million (USD47.9 million).
Patrick van der Voort, Vopak’s business unit president for the Netherlands, commented, “While we’ll miss our Rotterdam chemical terminal colleagues, we believe Infracapital, with its long-term infrastructure investment experience, will serve our customers and team well. We’re grateful for everyone’s dedication to Vopak and will ensure a seamless transition to Infracapital.”
Michiel Gilsing, CFO of Vopak, added, “This divestment aligns with our strategic objectives to enhance portfolio financial performance, expand in gas and industrial terminals, and pivot towards new energy sources. We remain dedicated to steering our investments towards infrastructure that bolsters our long-term cash flow and return aspirations.”
Guided by its commitment to a brighter future, Vopak has set ambitious targets for 2030. The company aims to elevate both its financial and sustainability performance. Plans include a EUR1 billion (USD1.07 billion) investment in industrial and gas infrastructure by 2030 and another EUR1 billion (USD1.07 billion) in new energy infrastructure.