Teekay LNG Operating LLC and Marubeni Corp. plan to acquire Maersk LNG for $1.4 billion, the parent conglomerate A.P. Moller-Maersk Group announced Oct. 12 in a news release from Copenhagen.
The transaction, expected to be completed by yearend, remains subject to customer consent and regulatory approval. On May 11, the parent company announced its intentions to sell the LNG business so it could reallocate resources to focus areas within the group.
“Maersk LNG does not in itself have the necessary scale to significantly influence the overall development of the industry,” A.P. Moller-Maersk said. “The conclusion is that Maersk LNG would benefit from a different ownership.”
Through its subsidiaries, Maersk LNG owns six LNG vessels and owns 26% interest in two vessels through limited partnerships. The sales agreement involves all eight vessels. Upon completion of the transaction, the A.P. Moller-Maersk Group will no longer own LNG vessels.