Odfjell SE has reached an agreement with Lindsay Goldberg to acquire their indirect 24.5% shareholding in Odfjell Terminals Korea at a purchase price of USD 19 million. Following the transaction, Odfjell SE will control 50% of OTK’s shareholding alongside the long-term, local JV partner KPIC.
OTK generated an annual EBITDA of USD 2.2 million and net result of USD 0.7 million in FY2019 (based on 25.5% Odfjell SE shareholding). The acquisition will be funded through available proceeds within the Odfjell Terminals structure, and closing is expected to take place within December 2020.
Commenting on the transaction, Kristian Mørch, CEO of Odfjell, said: