Teekay LNG Partners is expecting the previously announced merger deal with private equity firm Stonepeak Infrastructure Partners to close next month after it secured approval from its shareholders.
In early October, New York-listed Teekay LNG had entered into a merger agreement worth $6.2 billion with an affiliate of Stonepeak. Under the deal, Stonepeak had agreed to acquire 100 percent of Teekay LNG’s common units.
Upon closing of the merger, Teekay LNG’s shareholders would receive $17.00 per common unit in cash.
Teekay LNG said in an update that a special meeting of its common unitholders held on December 1 has voted to approve the proposed acquisition by Stonepeak Limestone Holdings.
In addition, Teekay LNG has received all required customer approvals to complete the merger, it said.
Teekay LNG added it currently anticipates the merger to close in mid-January 2022.
The shipping firm has interests in 47 LNG carriers and is one of the world’s largest operators of such vessels. It also operates 21 mid-size LPG carriers and seven multi-gas carriers.