AMSTERDAM: Vopak, a global leader in liquid bulk storage, has agreed to sell its three Rotterdam chemical terminals to Infracapital, a European infrastructure fund manager. The deal is worth EUR 407 million, with EUR 19.5 million subject to certain conditions.
Vopak expects to receive around EUR 368 million in cash after deducting costs and debts. The sale is part of Vopak’s strategic review announced on 15 February 2023. The three terminals have a total capacity of 1.4 million cbm.
Infracapital is the infrastructure investment arm of M&G Plc, a leading savings and investment company. Infracapital has over two decades of experience and a strong track record of owning infrastructure assets in the Netherlands.
The deal is pending the approval of the works council and other customary conditions and is expected to be completed by the end of the year.
Vopak anticipates to reverse around EUR 54 million of the impairment charges it recorded in 2022 related to the sold terminals, which will be reported as an exceptional item. The EBITDA of these terminals excluding exceptional items was about EUR 45 million in 2022.
Patrick van der Voort, Vopak’s Business Unit President Netherlands, said: “We will certainly miss our colleagues at the Rotterdam chemical terminals within Vopak, but we are confident that they and our customers will benefit from partnering with Infracapital, who is a long term and an experienced infrastructure investor. We are grateful to everyone involved for their trust and contribution to Vopak and will cooperate with the works council and others to ensure a smooth transition to Infracapital.”
Michiel Gilsing, Vopak’s CFO and Executive Board Member, said: “The sale of the Rotterdam chemical terminals aligns with our strategic objectives to improve the financial performance of our portfolio, expand our presence in gas and industrial terminals and speed up our transition to new energies. We remain dedicated to actively managing our portfolio towards infrastructure investments that support our long term cash flow and return goals.”
Vopak’s Strategy – Shaping the future We are committed to shaping a better future and have set ambitious goals for 2030. We aim to improve the financial and sustainability performance of our portfolio. We also aim to invest EUR 1 billion by 2030 in industrial and gas infrastructure and another EUR 1 billion in new energy infrastructure. We are proud to be at the forefront of providing infrastructure solutions that are and will be vital for the economy and the daily lives of people around the world.