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Odfjell SE agrees to acquire Lindsay Goldberg’s stake in Korea terminal

Odfjell SE has reached an agreement with Lindsay Goldberg (LG) to acquire their indirect 24.5% shareholding in Odfjell Terminals Korea (OTK) at a purchase price of USD 19 million. Following the transaction, Odfjell SE will control 50% of OTK’s shareholding alongside the long-term, local JV partner KPIC.

OTK generated an annual EBITDA of USD 2.2 million and net result of USD 0.7 million in FY2019 (based on 25.5% Odfjell SE shareholding). The acquisition will be funded through available proceeds within the Odfjell Terminals structure, and closing is expected to take place within December 2020.

Commenting on the transaction, Kristian Mørch, CEO of Odfjell, said:

“We are pleased to have reached an agreement with LG to acquire their stake in OTK. OTK is a high-quality terminal and represents a good fit with our strategy for Odfjell’s terminal division. As such, this is another milestone in completing the restructuring of our terminal portfolio and our strategy to focus on chemical terminals where we can harvest synergies with Odfjell Tankers or have another angle for further value creation by Odfjell. The acquisition will have a positive effect on results, return and cash flow for Odfjell SE, and also ensure a simple and efficient governance structure for OTK.”
 

Odfjell Terminals Korea in Ulsan


IR Contact: 
Bjørn Kristian Røed, Manager Investor Relations & Research
Tel: +47 40 91 98 68
E-mail: bkr@odfjell.com

Odfjell Terminals: 
Adrian Lenning, Global Head of Odfjell Terminals
Tel: +47 91 38 53 03
E-mail: adrian.lenning@odfjell.com

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