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.

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