Greek owner Boston Carriers has entered into an agreement to acquire Italian LPG storage company Nuova, which owns the largest LPG storage terminal in northern Italy.
Boston Carriers belives the deal is a first step for the two companies’ plan to explore synergies, identify acquisition opportunities for LPG carrier vessels and inland storage facilities, and creating an integrated platform that will transport, import and distribute LPG in Italy.
The preliminary assessment of Nuova’s assets is around $26m and liabilities around $7.9m. Boston Carriers expects to close the deal within six months.
“This is the perfect moment to enter the LPG transportation and distribution business. LPG is a product with increasing demand which will only grow stronger as the world is shifting towards clean energy,” said Antonios Bertsos, chairman and CEO of Boston Carriers.