Bulk liquid storage provider Odfjell Terminals is one step closer to acquiring a 25% share in Noord Natie Terminals.
The two companies have reached an agreement for the transaction, for which a letter on intent was signed in September 2011.
As stated in the LOI, Odfjell would acquire 25% plus one share of the equity in Noord Natie Terminals located in Antwerp, Belgium.
Odfjell Terminals (Europe) B.V., a subsidiary of OTLG C.V., which is the joint venture company between Odfjell Terminals B.V. and Lindsay Goldberg, will close the deal.
The value of the acquisition is valued at approximately 10 x EBITDA, but final details of the transaction will be released later this month.
The Noord Natie Terminals facility can store 297,000m3 of product; this could increase to 450,000m3 as plans are in place to expand the facility by a further 155,000m3 in the coming years.