I Squared Capital, a global leader in infrastructure investments, announces today that it has begun exclusive negotiations to acquire the remaining 55% stake in Rubis Terminal that it does not already own, from Rubis SCA, a French energy group.
If finalized, the transaction would allow I Squared to own 100% of Rubis Terminal, thus strengthening its commitment to the company. The value of the acquired stake amounts to 375 million euros.
Commenting on the acquisition, Mohamed El Gazzar, Senior Partner at I Squared Capital, states: “With facilities at the heart of some of Europe’s most important commercial hubs, Rubis Terminal plays a vital role in supporting the energy transition and ensuring supply security. This transaction reflects I Squared’s confidence in Rubis Terminal’s transition strategy and our commitment to continue its growth.”
Rubis Terminal is one of the leading players in Europe in the bulk liquid and gas storage sector with four million cubic meters of storage capacity in France, Spain, and the Northern European hubs of Antwerp and Rotterdam.
I Squared first invested in Rubis Terminal in January 2020, acquiring a 45% stake held by Rubis to implement a diversification and geographical expansion strategy, which has generated significant value for the company.
Over the past four years, with the support of I Squared, Rubis Terminal has successfully acquired and integrated TEPSA, one of the leading storage providers in the chemical and biofuel sectors in Spain, divested a petroleum terminal in Turkey, invested nearly 150 million euros in expanding chemical and biofuel capacities across all regions, and established a highly attractive infrastructure financing arrangement.
Thanks to such initiatives, more than 70% of Rubis Terminal’s revenues now come from sustainable products, and the company has a robust portfolio of projects aimed at further diversifying its product range.
Rubis Terminal is well on its way to playing a key role in the energy transition with the ambition of becoming an indispensable logistics provider for new energy producers.
The proposed transaction remains subject to the information and consultation process of the competent employee representative bodies, in accordance with applicable laws, as well as customary regulatory approvals, including antitrust authorities and foreign investment review committees. The closing is expected by mid-year 2024.