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Investment firm Stonepeak acquiring Teekay LNG Partners for $6.2bn

Photo: Teekay teekay
The New York-based investment firm Stonepeak has announced it will acquire the Bermuda-based shipping company Teekay LNG Partners for $6.2bn.

The agreement by Stonepeak to acquire the world’s third largest independent LNG carrier owner – Teekay LNG - is expected to close by end of this year.

 “We believe this Transaction represents a unique opportunity to monetize our position in Teekay LNG while realizing an attractive return on investment for Teekay and for Teekay LNG common unitholders,” said Kenneth Hvid, Teekay’s President and CEO.

“This transaction also provides Teekay with greater financial flexibility to leverage its existing operating franchise and industry-leading capabilities to pursue attractive investment opportunities in both the shipping sector and potentially in new and adjacent markets, which we expect to be dynamic as the world pushes for greater energy diversification.”

The deal remains subject to approval by a majority of Teekay LNG’s common unitholders at a special upcoming meeting.

Teekay will also transfer to Teekay LNG the ownership of the management services companies that currently deliver the operations for Teekay LNG and certain of its joint ventures under existing management services contracts.

"Under Stonepeak's ownership, we expect Teekay LNG to have improved access to competitively priced capital for both fleet renewal and potential future growth ... which has not been available through the public equity capital markets for many years," Mark Kremin, chief executive of Teekay Gas Group , said in a statement.

“Stonepeak has long recognized the growing global demand for LNG and importance of natural gas as a bridge fuel, particularly as the world continues to shift toward cleaner sources of energy,” added James Wyper, senior managing director at Stonepeak.

 

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