Seapeak, formerly Teekay LNG Partners, has struck a deal to acquire Danish gas shipping company Evergas for $700m in cash.
The deal will see Stonepeak’s gas ship owner take over Greenship Gas Trust and Greenship Gas Manager from France’s Jaccar Holdings, adding two very large ethane carriers and eight multigas/LNG carriers to its fleet.
The ships are on fixed-rate timecharters to Ineos. Copenhagen-based Evergas also controls six LPG carriers under leases ending in 2024.
The transaction is expected to close by the end of this year, at which time Evergas, including its employees, will be rebranded under Seapeak.
“Acquiring Evergas is another big step in Seapeak’s evolution as a leading owner and operator of liquefied gas carriers,” said Mark Kremin, Seapeak’s CEO, adding: “Just as we’re bullish on LNG, we’re also bullish on natural gas liquids (NGLs), especially given the even greener nature of NGLs.”
Evergas is the first of Jaccar’s assets to change hands as per the plan agreed upon with its creditors. Deutsche Bank acted as exclusive financial adviser to Jaccar.
“This will provide a solid platform on which we can continue to grow our businesses in NGLs and CO2, where we see outstanding potential for growth,” remarked Steffen Jacobsen, CEO of Evergas.