FSRU player Hoegh LNG has completed its previously announced acquisition of New York-listed Hoegh LNG Partners.
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 $9.25 per unit in cash, or about $167.6 million, in May this year and entered into an agreement and plan of merger with HMLP.
HMLP’s shareholder recently voted on and approved the agreement and plan of merger.
As a result of the completion of the acquisition, the common units of HMLP would no longer be listed on any quotation system or exchange, including the NYSE, Hoegh LNG said in a statement.
HMLP’s 8.75 percent Series A Cumulative Redeemable Preferred Units will remain outstanding.
“The Partnership’s reporting obligations with respect to the outstanding Series A Preferred Units under the United States Securities Exchange Act of 1934, as amended, and the NYSE remain unchanged,” Hoegh LNG said.
HMLP’s fleet includes five FSRUs, namely Hoegh Grace, Hoegh Gallant, Cape Ann, Neptune, and PGN FSRU Lampung.
Hoegh LNG now has ten FSRUs and two LNG carriers in its fleet.