VTTI Energy Partners LP (NYSE: VTTI) has been informed by VTTI BV that Vitol Investment Partnership, an investment vehicle sponsored and managed by Vitol, has agreed to acquire MISC Berhad's ("MISC") 50% shareholding in VTTI BV, which owns the general partner of VTTI Energy Partners, for cash consideration of $830 million, subject to certain conditions precedent. Vitol already owns 50% of VTTI BV. VTTI BV will continue to be run as an independent, standalone company under the leadership of CEORob Nijst.
Rob Nijst, CEO of VTTI BV and VTTI Energy Partners said: "Since inception, we have developed an independent storage company supported by the financial strength and market insight offered by Vitol, the world's largest independent energy trading company. We are confident that the proposition to our range of customers and our asset footprint will continue to improve and grow."
Ian Taylor, President & CEO, Vitol said: "MISC has been an excellent partner over the last five years and we have greatly enjoyed working with them. Looking forward, we are very excited by VTTI BV's future potential. The management team, led by Rob, has successfully grown and developed the business worldwide - today VTTI BV has total gross storage capacity of 54 million barrels, including assets under construction. The terminals have an excellent HSE record and are structured and managed to accommodate the demanding requirements of the energy trading community."
Yee Yang Chien, President/CEO, MISC said: "It has been a great pleasure working with Vitol the past five years. We wish Vitol the very best in its future endeavours and we are confident that the good relationship we have will continue. We also wish to take this opportunity to thank and express our appreciation for all the support and cooperation given by the VTTI BV management team. For MISC, this divestment will enable us to unlock the value of our investment in VTTI BV and take advantage of future opportunities within our core business of energy and petroleum related shipping."