1 November 2011
Vopak and Enagás joint venture acquires LNG storage and regasification terminal in Altamira, Mexico
De Brauw advised Vopak on its acquisition together with Enagás of the LNG storage and regasification terminal in Altamira, Mexico.
For this acquisition, Vopak, world’s leading provider of conditioned storage facilities for bulk liquids, entered into a joint venture with Enagás, the Technical Manager of the Gas System and Common Carrier for the high pressure gas network in Spain. Vopak holds 60 percent and Enagás the remaining 40 percent in the joint venture.
The joint venture acquired 100% of the shares in the terminal from Shell (50%), Total (25%) and Mitsui & Co Ltd. (25%). The joint venture took over operational management of the terminal with immediate effect, after obtaining the required government approvals. De Brauw acted as independent civil law notary in connection with the completion of the transaction, advising on, among other things, the transfer of shares in the target and the funds flows.
The joint venture successfully concluded a USD 300 million senior non-recourse financing agreement for the acquisition with a syndicate of banks including Banamex, BBVA Bancomer S.A., Citi, Crédit Agricole Corporate and Investment Bank, ING Bank N.V., CaixaBank S.A., Mizuho Corporate Bank, Ltd., and Banco Sabadell, Miami Branch, with ING Bank acting as Facility Agent. Mizuho Corporate Bank, Ltd. acted as financial advisor for the transaction. De Brauw advised Vopak on elements of the financing, and provided an opinion to the syndicate giving comfort that the transaction did not violate Dutch financial assistance rules.
Team: Marielle Legein, Jean Schoonbrood, Jan Marten van Dijk, Deline Kruitbosch, Femke van der Meulen
For this acquisition, Vopak, world’s leading provider of conditioned storage facilities for bulk liquids, entered into a joint venture with Enagás, the Technical Manager of the Gas System and Common Carrier for the high pressure gas network in Spain. Vopak holds 60 percent and Enagás the remaining 40 percent in the joint venture.
The joint venture acquired 100% of the shares in the terminal from Shell (50%), Total (25%) and Mitsui & Co Ltd. (25%). The joint venture took over operational management of the terminal with immediate effect, after obtaining the required government approvals. De Brauw acted as independent civil law notary in connection with the completion of the transaction, advising on, among other things, the transfer of shares in the target and the funds flows.
The joint venture successfully concluded a USD 300 million senior non-recourse financing agreement for the acquisition with a syndicate of banks including Banamex, BBVA Bancomer S.A., Citi, Crédit Agricole Corporate and Investment Bank, ING Bank N.V., CaixaBank S.A., Mizuho Corporate Bank, Ltd., and Banco Sabadell, Miami Branch, with ING Bank acting as Facility Agent. Mizuho Corporate Bank, Ltd. acted as financial advisor for the transaction. De Brauw advised Vopak on elements of the financing, and provided an opinion to the syndicate giving comfort that the transaction did not violate Dutch financial assistance rules.
Team: Marielle Legein, Jean Schoonbrood, Jan Marten van Dijk, Deline Kruitbosch, Femke van der Meulen