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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.

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