Stonepeak is set to acquire Teekay LNG in a $6.2m transaction amid rising global LNG prices.
Unveiling its purchase plans on Monday (4th Oct), US-based Stonepeak said it has inked an agreement and plan of merger with Teekay LNG in major move for the LNG market.
On the deal, Mark Kremin, President and CEO of Teekay Gas Group, said, “This is a transformation transaction for Teekay LNG that will enable existing unitholders to realise an attractive valuation and immediate liquidity on closing.”
“Under Stonepeak’s ownership, we expect Teekay LNG to have improved access to competitively priced capital for both fleet renewal and potential future growth in the next phase of our development, which has not been available through the public equity capital market for many years.”
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