The Pakistan cricket legend reveals why Test cricket is still so important for the game
Tristar Transport, an integrated energy logistics group headquartered in the UAE, on Monday announce that it has signed a sale and purchase agreement with Madison Pacific Trust Limited to acquire a 51 per cent stake in HG Storage International Limited (HGSI).
Madison Pacific is selling such stake as holder of a security interest in such stake granted by HNA Innovation Finance Group Co Limited to secure payment under certain notes issued by HNA.
HGSI is a joint venture between HNA and Glencore Group Funding Limited, a wholly-owned subsidiary of Glencore. Glencore is one of the world’s largest globally diversified natural resource companies.
Through this deal, Tristar will acquire a majority holding in a well-diversified portfolio of oil storage, distribution and retail assets owned by HGSI, comprising eight operating assets across four key regions such as Europe, the Americas, Middle East and Africa.
The transaction, valued at $215 million, will add in excess of three million cubic metres of fuel storage capacity to the Tristar portfolio and extend the company’s global presence to 29 countries across the globe.
Following the transaction, Glencore will remain as a key strategic shareholder of HGSI and a joint venture partner to Tristar.
Completion of the deal is expected in the second quarter of 2022 and subject to certain regulatory filings and approvals, and stakeholder consents.
Tristar, which is owned by Kuwaiti logistics company Agility, was advised by Acqua Capital (financial advisor) and Freshfields Bruckhaus Deringer (legal advisor).
Madison Pacific was advised by PricewaterhouseCoopers (financial advisor) and Stephenson Harwood (legal advisor).
— muzaffarrizvi@khaleejtimes.com
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