Seapeak to acquire Evergas from Jaccar for $700 million
Seapeak LLC (Seapeak) and Jaccar Holdings (Jaccar) have entered into a sale and purchase agreement whereby Seapeak will acquire Greenship Gas Trust and Greenship Gas Manager Pte. Ltd. and their subsidiaries (collectively, Evergas) from Jaccar in an all-cash transaction with an enterprise value of approximately $700 million, according to Seapeak's release. Evergas owns and operates two Very Large Ethane Carriers and eight Multigas/LNG Carriers. All are on fixed-rate timecharters to Ineos and are capable of burning gas as fuel. Evergas also controls six LPG carriers under leases ending in 2024. Its corporate and operational headquarters are in Copenhagen and Singapore, respectively.
The sale is subject to standard closing conditions and is expected to close by the end of this year, at which time Evergas, including its employees, will be rebranded under Seapeak. Deutsche Bank acted as exclusive financial adviser to Jaccar in connection with the divestment of Evergas.
Seapeak is one of the world’s largest independent owners and operators of liquefied gas carriers, providing services primarily under long-term, fee-based charters through its interests in 46 LNG carriers, 20 mid-size LPG carriers (including two on order) and six multigas carriers. Seapeak’s ownership interests in these ships range from 20 to 100 percent. In addition, Seapeak owns 30 percent of an LNG regasification terminal.
JACCAR Holdings is a company managing a portfolio of investments focused today on gas transportation, and on premium fishing, developing a strong entrepreneurial spirit. Jaccar Holdings owns 100% of Greenship Gas Trust, aka Evergas, a leader in ethane transportation and semi-cooled technology, and JHW Engineering & Contracting, a specialized engineering unit in marine and gas platform and shipbuilding. Jaccar Holdings also owns 92% of SAPMER, one of the major players in premium industrial fishery, operating from La Reunion, Mauritius and Seychelles.
Evergas is a Danish shipping company with roots back to 1883, wholly owned by Greenship Gas & Jaccar Holdings.
