Stolt-Nielsen launches offer to buy remaining Avenir LNG shares

Stolt-Nielsen said on Wednesday it has completed its previously announced share purchase agreement to acquire all the shares of Avenir LNG owned by Golar LNG Limited and Aequitas.

According to the firm, its unit Stolt-Nielsen Gas now holds more than 95 percent of the outstanding shares and votes in Avenir LNG.

As the holder of more than 95 percent of Avenir LNG’s shares, Stolt-Nielsen Gas is able to acquire the remaining shares in Avenir LNG by way of a compulsory acquisition.

“The board of directors of Stolt-Nielsen Gas has resolved to proceed with this compulsory acquisition, and a notice informing Avenir LNG’s shareholders of the compulsory acquisition has been issued,” it said.

Stolt-Nielsen said the purchase price for the compulsory acquisition is $1 per Avenir LNG share, which is the same price per Avenir LNG share as in the transaction.

Delisting

Completion of the acquisition is expected to occur on or about April 16, 2025, subject to no shareholder applying to the Supreme Court of Bermuda for an appraisal of the value of their shares.

Following completion of the compulsory acquisition, Stolt-Nielsen Gas will pursue a delisting of Avenir LNG’s shares from Euronext N-OTC, Stolt-Nielsen said.

It’s worth mentioning here that Golar LNG said it will remain a 25 percent shareholder and debt provider to Higas, the LNG storage terminal in Italy’s Sardinia that was spun off from Avenir in October 2024.

UK-based Avenir said in October 2024 that it plans to divest its ownership of the Higas LNG storage terminal in Sardinia to three of its existing shareholders, as part of a strategic refocus of its business.

The company, which has a fleet of five vessels on the water and two under construction, also said at the time it was exploring raising capital and a potential listing on the Euronext Growth Oslo.