Vopak has entered into a binding agreement to sell three wholly-owned terminals and its plot of land in the US to Kinder Morgan, a US-based energy infrastructure company. This is in line with Vopak’s business review, which was announced on 2 July 2014, to amongst others divest around 15 primarily smaller terminals.
The terminals involved are: Vopak Terminal North Wilmington and Vopak Terminal South Wilmington, both located in the state of North Carolina, and Vopak Terminal Galena Park, located in the state of Texas. The combined operational capacity of these terminals is 300,750m3. This total operational capacity does not include Vopak Terminal South Wilmington (50,000m3) which was idled by Vopak in October 2013 and has not been in operation since then.
The plot of land included in the divestment package is located in Perth Amboy, New Jersey.
The completion of this divestment is subject to certain customary closing conditions and is expected to be finalised by the end of Q1 2015. The agreed upon divestment/acquisition price, based on the debt free enterprise value of the terminals to be divested and land amounts to approximately $158 million (€139.8 million). These gross proceeds are subject to US capital gain tax. From a financial reporting perspective the divestments will be reported in 2015 as an exceptional gain before tax of approximately $65 million. The net cash flows resulting from this transaction will be used to execute our strategy in line with the outcome of the business review reported on 2 July 2014.