Stonepeak is buying liquefied natural gas (LNG) carrier Teekay LNG Partners in a $6.2bn (鈧�5.3bn).
Stonepeak funds are offering $17 each for each of Teekay LNG鈥檚 units, a price which represents a premium of 8.3% to the last closing price of Teekay LNG鈥檚 common units.
The consolidated Teekay entities manage and operate total assets under management of $9bn, comprising approximately 130 liquefied gas carriers, conventional tankers, and other marine assets. With offices in 10 countries, Teekay provides a comprehensive set of marine services to the world鈥檚 leading oil and gas companies.
The deal is the result of a review by Teekay board of strategic alternatives available to Teekay LNG.
Mark Kremin, president and CEO of Teekay Gas Group, said: 鈥淭his is a transformative transaction for Teekay LNG that will enable existing unitholders to realise an attractive valuation and immediate liquidity on closing.
鈥淯nder Stonepeak鈥檚 ownership, we expect Teekay LNG to have improved access to competitively priced capital for both fleet renewal and potential future growth in the next phase of our development, which has not been available through the public equity capital markets for many years.鈥�
James Wyper, senior managing director at Stonepeak, said: 鈥淭hrough this transaction, we have an exciting opportunity to invest in a critical energy transition infrastructure business in the form of Teekay LNG鈥檚 high-quality, modern fleet of vessels and stable long-term customer contracts.
鈥淲e are particularly excited to partner with Teekay LNG鈥檚 best-in-class management team to bring cheaper, cleaner, more reliable energy supply to all parts of the world, especially in Asia where we have been active investors in the ongoing shift to cleaner fuels and renewables.鈥�
Kenneth Hvid, Teekay鈥檚 president and CEO, said: 鈥淲e believe this transaction represents a unique opportunity to monetise our position in Teekay LNG while realizing an attractive return on investment for Teekay and for Teekay LNG common unitholders.
鈥淭his Transaction also provides Teekay with greater financial flexibility to leverage its existing operating franchise and industry-leading capabilities to pursue attractive investment opportunities in both the shipping sector and potentially in new and adjacent markets, which we expect to be dynamic as the world pushes for greater energy diversification.鈥�
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