Royal Vopak has entered into a binding agreement to sell its terminal in Savannah USA to BWC Terminals, a US-based bulk liquids storage company. The operational capacity of Vopak Terminal Savannah is 250,566 cbm. This capacity is mainly used for the storage of vegetable oils, asphalt, and specialty chemicals, according to the company's release.
The cash and debt free enterprise value of the transaction amounts to USD 106 million. The transaction, subject to certain post-closing adjustments and US capital gains tax, will result in expected net cash proceeds of approximately USD 80 million. Vopak will report an exceptional gain in the first half 2023. The impact of this divestment is not material for Vopak's 2023 outlook.
The completion of this divestment is subject to certain customary closing conditions and is expected to be finalized in Q2 2023.
Royal Vopak is the world’s leading independent tank storage company.