Teekay LNG to become Seapeak after $6.2 billion deal

Teekay LNG Partners will rebrand as Seapeak following the completion of its previously announced $6.2 billion merger deal with private equity firm Stonepeak Infrastructure Partners.

In early October, New York-listed Teekay LNG had entered into a merger agreement with an affiliate of Stonepeak.

Under the deal, Stonepeak had agreed to acquire 100 percent of Teekay LNG’s common units.

The deal is now complete and all common units would convert into the right to receive $17.00 per common unit in cash, subject to deductions of applicable withholding tax, Teekay LNG said in a statement on Thursday.

Also, the units under the ticker symbol “TGP” will delist from the NYSE within 10 days.

The partnership’s Series A and B preferred units, which trade on the NYSE under the ticker symbols “TGP PR A” and “TGP PR B”, respectively, will remain outstanding and continue to trade on the NYSE.

With the acquisition complete, the firm intends to convert to a limited liability company during the first quarter of 2022, at which time it will change its name to Seapeak
LLC and change its Series A and B preferred units ticker symbols to “SEAL PR A” and “SEAL PR B”, respectively.

As Seapeak, the partnership said it would launch a new organizational vision and identity, reflecting intentions to “renew and grow its primary business of owning and operating LNG carriers, and to explore potential adjacencies,” it said.

The shipping firm has interests in 47 LNG carriers and is one of the world’s largest operators of such vessels. It also operates 20 mid-size LPG carriers and seven multi-gas carriers.

- Advertisements -

Most Popular

NextDecade, Bechtel preparing Rio Grande LNG site ahead of FID

NextDecade, the US developer of the Rio Grande LNG export plant, and compatriot engineering and construction giant Bechtel are...

Gasunie working to further boost Dutch LNG import capacity

Dutch gas transmission network operator Gasunie is working to further boost the regasification capacity in the European country besides...

VesselsValue: Japan has the world’s most valuable LNG fleet

Japan owns the world’s most valuable fleet of liquefied natural gas (LNG) carriers, followed by Greece and South Korea,...

More News Like This

Seapeak confirms order for LNG carrier quintet in South Korea

Seapeak, previously known as Teekay LNG Partners, confirmed that it had placed an order for five 174,000-cbm LNG carriers...

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...

Exmar and Seapeak place order for two LPG carriers in South Korea

Exmar LPG, a joint venture consisting of Exmar and Seapeak, has ordered two midsize gas carriers from South Korea's...

Poland’s Seatech wins contract from Seapeak to support LNG carrier quarter

Poland's Seatech Engineering said it has won a contract from LNG carrier operator Seapeak, previously known as Teekay LNG,...