Today, Royal Vopak announces that it has reached agreement on the sale of its terminals in Algeciras, Amsterdam
The total agreed transaction value of the terminals is EUR 723 million, including a contingent consideration of EUR 15 million, which is subject to certain revenue conditions.
The transaction is expected to generate a net pre-tax cash inflow for Vopak of approximately EUR 670 million at completion in 2019. The total expected exceptional gain before taxation will be around EUR 200 million, to be recorded in the second half of 2019.
This transaction is accretive to the return on capital employed for Vopak and has an implied multiple of more than 10x EBITDA. At the completion of this transaction, the use of the proceeds will be considered in line with the strategy and financial framework as presented at the Vopak Capital Markets Day 27 November 2018.
Eelco Hoekstra, CEO Vopak: “Today’s announcement is a next step in the delivery of our strategy and the alignment of our portfolio based on long term market developments. In Europe, our main focus is to further strengthen our position in the major industrial clusters Rotterdam and Antwerp. Globally, we currently have more than 2 million
Marcus Ayre, Partner First State Investments