Agility would like to announce that one of its subsidiaries, Tristar Transport LLC, headquartered in the UAE has signed an agreement to acquire HNA Group’s 51% stake in HG Storage International Limited, a joint venture between HNA group and the Glencore group, one of the world’s largest natural resource companies.
Under the terms of the deal, Tristar will acquire a majority holding in a portfolio of storage assets owned by HG storage International Limited, spread across 8 countries from Europe, the Americas, Middle East and Africa. Glencore will continue to hold the remaining 49 percent stake.
The deal is valued at USD 215 million (around KD 65 million) for the 51% stake and will add in excess of 3 million cubic meters of fuel storage capacity to the Tristar portfolio and extend the company’s global presence to 29 countries across the globe.
Closing of the transaction is subject to certain conditions precedent and is expected during the second quarter of this year.
The acquisition financial impact will be reflected on the company’s financials when the deal is finalized which is expected towards the second quarter of 2022.
Investor Relations Team