June 4, 2012 [Press Release Odfjell] - Reference is made to the stock exchange announcement of 2 September 2011, in which Odfjell announced it had entered into a Letter of Intent with Noord Natie Holding CVBA to acquire 25% plus one share of the equity in Noord Natie Terminals NV located in Antwerp, Belgium.
Odfjell announces that it has now reached agreement for the transaction.
The transaction will be consummated through Odfjell Terminals (Europe) B.V., a subsidiary of OTLG C.V., which is the Joint Venture Company between Odfjell Terminals B.V. and Lindsay Goldberg LLC. In line with the letter of intent signed in 2011, the acquisition is valued at approximately 10 x EBITDA. The final transaction documentation is expected to be concluded by the beginning of June 2012.
The Noord Natie Terminals facility currently has 297,000 cbm of storage capacity. At present, plans are in place to leverage the company’s excess waterfront capacity for further expansion of 155,000 cbm to bring total storage capacity to approximately 450,000 cbm in the coming years.
