RUBIS
Rubis to partner with I Squared Capital in Rubis Terminal
21-Jan-2020 / 08:00 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Paris, January 21, 2020, 8:00 am
Rubis, a Paris-based company specializing in the distribution of petroleum
products and bulk liquid storage, and I Squared Capital, a leading global
infrastructure investor, have signed an agreement whereby I Squared Capital
will indirectly purchase 45% of the 99.4% equity stake held by Rubis in
Rubis Terminal. The signing follows the completion of the employee
consultation process and the positive opinion obtained from the works
council of Rubis Terminal.
With a portfolio of 13 facilities and a capacity of 3.5 million cubic meters
across four countries (France, Belgium, The Netherlands and Turkey), Rubis
Terminal provides critical bulk-liquid storage infrastructure to a
diversified base of industrial customers and across a broad range of
petroleum, chemical and agri-food products.
The joint venture will accelerate Rubis Terminal's strategic plan to
strengthen its position within its current footprint, diversify its product
offerings and explore potential expansion outside of Europe.
Rubis will retain approximately 55% of the shares in Rubis Terminal and will
jointly control Rubis Terminal alongside I Squared Capital. As a result of
the change in governance, Rubis will no longer consolidate Rubis Terminal
under the full consolidation method, but instead account for its ownership
under the equity method. The existing management team will remain in place.
The transaction values Rubis Terminal at an enterprise value of EUR 1,000
million, or 11.2 times its 2018 EBITDA (including its 50% share of Antwerp),
and will result in substantial deleveraging of Rubis's balance sheet.
As part of the transaction, Rubis Terminal has obtained a financing
commitment from affiliates of J.P. Morgan, Crédit Agricole CIB and Société
Générale for a refinancing of up to EUR 425 million. The completion of the
transaction is subject to anti-trust clearance in Europe and Turkey, and
approval under the French foreign investments control. Subject to these
regulatory and other customary conditions, closing of the transaction should
take place during the first half of 2020.
Upcoming events:
Fourth quarter 2019 revenue: 11 February 2020 (after market closing)
Press Contact Analyst Contact
PUBLICIS CONSULTANTS - Aurélie RUBIS - Investor
Gabrieli Relations
Tel. +(33) 1 44 82 48 33 Tel: +(33) 1 44 17 95 95
Regulatory filing PDF file
Document title: Rubis to partner with I Squared Capital in Rubis Terminal
Document: http://n.eqs.com/c/fncls.ssp?u=PUHXNETCXO [1]
Language: English
Company: RUBIS
46, rue Boissière
75116 Paris
France
Phone: +33 144 17 95 51
Fax: +33 145 01 72 49
E-mail: communication@rubis.fr
Internet: www.rubis.fr
ISIN: FR0013269123
Euronext RUI
Ticker:
AMF Category: Inside information / Issuer activities (acquisitions,
sales...)
EQS News ID: 957485
End of Announcement EQS News Service
957485 21-Jan-2020 CET/CEST
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=0b3ca95d01fd8df2ccbaebb7495e5723&application_id=957485&site_id=vwd&application_name=news
(END) Dow Jones Newswires
January 21, 2020 02:00 ET (07:00 GMT)
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