Seapeak to buy Evergas for $700 million

Seapeak, previously known as Teekay LNG Partners, said it had entered into a deal with Jaccar to buy Evergas in an all-cash transaction with an enterprise value of about $700 million.

Under the deal, Seapeak said in a statement it would acquire Greenship Gas Trust and Greenship Gas Manager and their subsidiaries, collectively Evergas.

Denmark-based Evergas owns and operates two very large ethane carriers and eight multigas/LNG carriers. All of these vessels are on fixed-rate charters to Ineos and are capable of burning gas as fuel.

Besides these ships, Evergas also controls six LPG carriers under leases ending in 2024.

On the other hand, Teekay LNG Partners rebranded as Seapeak earlier this year following the completion of its $6.2 billion merger deal with private equity firm Stonepeak Infrastructure Partners.

The shipping firm has interests in 46 LNG carriers and is one of the world’s largest operators of such vessels. It also operates 20 midsize LPG carriers and six multigas carriers.

“Acquiring Evergas is another big step in Seapeak’s evolution as a leading owner and operator of liquefied gas carriers,” Mark Kremin, Seapeak’s CEO said in the statement.

“Just as we’re bullish on LNG, we’re also bullish on natural gas liquids (NGLs), especially given the even greener nature of NGLs. Already a world leader in NGLs, Ineos is now growing in LNG, and we are thrilled to be adding them as a key customer, further diversifying our portfolio,” he said.

“Together, Ineos and Evergas are vital to America’s liquefied gas export story and their collaboration to develop CO2 carrier trades will be vital to decarbonizing Europe,” Kremin said.

The sale remains subject to standard closing conditions.

Seapeak expects the deal to close by the end of this year, at which time Evergas, including its employees, would be rebranded under Seapeak.

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