AmericasContracts and TendersCorporate

HMLP expects to wrap up merger deal with Hoegh LNG in September

By LNG Prime Staff
HMLP expects to wrap up merger deal with Hoegh LNG in September
Image: Hoegh LNG Partners

New York-listed Hoegh LNG Partners, the operator of five FSRUs, is expecting its previously announced merger deal with Hoegh LNG to close this month.

Back in December 2021, Hoegh LNG submitted a non-binding proposal to HMLP’s board to buy all publicly held common units of the partnership in exchange for $4.25 in cash per common unit.

The floating LNG player more than doubled its offer to about $167.6 million in May this year and entered into an agreement and plan of merger with HMLP.

Hoegh LNG currently owns 45.7 percent of HMLP’s common units

HMLP said on Tuesday that it had notified the New York Stock Exchange (NYSE) of the anticipated closing date of the merger.

“The partnership anticipates that the merger will close on or about September 23, 2022, subject to approval of the merger agreement and merger by a majority of the outstanding common units of the partnership and certain customary closing conditions,” it said.

A special meeting of the holders of HMLP’s common units will take place on September 20 to vote on the proposed merger.

HMLP operates five FSRUs, namely Hoegh Grace, Hoegh Gallant, Cape Ann, Neptune, and PGN FSRU Lampung.

Most Popular

Vessels

South Korea’s Posco says first LNG carrier to start ops in H2

Posco International, a unit of South Korean steel producer Posco, plans to start shipping LNG with its first dedicated LNG carrier in the second half of this year.
LNG Terminals

Canada’s Cedar LNG names FLNG

Canada’s Cedar LNG, a joint venture of Canada’s Pembina Pipeline and the Haisla Nation, has picked a name for its floating LNG facility, which will be located in the traditional territory of the Haisla Nation, on Canada’s West Coast.
LNG Terminals

Atlantic LNG shipping rates continue to decrease

Atlantic LNG freight shipping rates continued to decrease this week, while European prices also dropped compared to last week.

More News Like This

Contracts and Tenders

Seatrium scores FSRU conversion job from Hoegh Evi

Singapore’s Seatrium has secured a contract from Norway's Hoegh Evi to convert the latter's LNG carrier Hoegh Gandria into a floating storage and regasification unit.
Contracts and Tenders

Egypt’s EGAS inks new FSRU charter deal with Hoegh Evi

Norwegian FSRU player Hoegh Evi has signed a new charter deal with Egypt’s EGAS to deploy a converted FSRU in Egypt. Hoegh Evi will convert the LNG carrier Hoegh Gandria to a floating storage and regasification unit.
LNG Terminals

VTTI, Hoegh Evi launch permitting process for Dutch FSRU terminal

Rotterdam-based storage terminal owner VTTI, co-owned by Vitol, IFM, and Adnoc, and Norwegian FSRU player Hoegh Evi have officially launched the permitting process for their FSRU-based facility in the Netherlands.
Contracts and Tenders

Igneo Infrastructure Partners wraps up Hoegh Evi stake buy

Infrastructure firm Igneo Infrastructure Partners has completed its previously announced acquisition of a 50 percent ownership stake in Norwegian FSRU player Hoegh Evi.

2025. © All rights reserved. LNG Prime LLC. 447 Broadway, New York, NY 10013, USA