De Brauw advised Vopak on its acquisition together with
Enagás of the LNG storage and regasification terminal in
Altamira, Mexico.
For this acquisition, Vopak, world's leading provider of
conditioned storage facilities for bulk liquids, entered into a
joint venture with Enagás, the Technical Manager of the Gas
System and Common Carrier for the high pressure gas network in
Spain. Vopak holds 60 percent and Enagás the remaining 40
percent in the joint venture.
The joint venture acquired 100% of the shares in the terminal from
Shell (50%), Total (25%) and Mitsui & Co Ltd. (25%).
The joint venture took over operational management of the terminal
with immediate effect, after obtaining the required government
approvals. De Brauw acted as independent civil law notary in
connection with the completion of the transaction, advising on,
among other things, the transfer of shares in the target and the
funds flows.
The joint venture successfully concluded a USD 300 million senior
non-recourse financing agreement for the acquisition with a
syndicate of banks including Banamex, BBVA Bancomer S.A., Citi,
Crédit Agricole Corporate and Investment Bank, ING Bank
N.V., CaixaBank S.A., Mizuho Corporate Bank, Ltd., and Banco
Sabadell, Miami Branch, with ING Bank acting as Facility Agent.
Mizuho Corporate Bank, Ltd. acted as financial advisor for the
transaction. De Brauw advised Vopak on elements of the financing,
and provided an opinion to the syndicate giving comfort that the
transaction did not violate Dutch financial assistance rules.
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