LNG

Höegh LNG Partners, the company with five ships and listed on the New York Stock Exchange, has notified the NYSE of the anticipated closing date of around September 23 when its merger with Höegh LNG Holdings is finalised and its shares delisted.

Jan 14 (LNGJ) - Teekay LNG Partners, the LNG fleet owner, announced that the previously announced acquisition of the Partnership by units of US investment fund Stonepeak has now been completed and Teekay LNG Partners will rebrand as Seapeak. The common shares, which trade on the New York Stock Exchange, are now suspended from trading and will delist from the NYSE within 10 days.

   However, the Partnership’s Series A and B preferred units, which trade on the NYSE under the ticker symbols “TGP PR A” and “TGP PR B”, respectively, will remain outstanding and continue to trade on the NYSE. “The Partnership intends to convert to a limited liability company during the first quarter of 2022, at which time it will change its name to Seapeak LLC and change its Series A and B preferred units ticker symbols to “SEAL PR A” and “SEAL PR B”, respectively,” added the statement.

Teekay LNG Partners has become the latest fleet owner to be targeted by a US investment fund with Stonepeak Infrastructure Partners setting up a deal worth $6.2 billion to acquire the Bermuda-based shipping line, which has a large portfolio of vessels under charter contracts and part ownership of a Middle East LNG import terminal.

Höegh LNG Holdings, the floating terminal projects company with 12 vessels and contracts for China and India, has been acquired in a takeover by Norwegian interests and a unit of US investment bank Morgan Stanley after a vote by shareholders held in Bermuda.

A Spanish equity fund, which holds a 15 percent stake in Norwegian LNG fleet owner Höegh LNG Holdings, said it planned to vote against the takeover offer led by Morgan Stanley and Höegh family interests at a meeting scheduled for March 30 at Höegh’s registered office in Bermuda.