Golar LNG Partners plans vote on February 24 on New Fortress deal

Tuesday, 26 January 2021
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LNG News Editor: 

Golar LNG Partners, the owner of 10 LNG ships, said it would hold a special meeting of unit-holders on February 24 to vote on the takeover of the company by New Fortress Energy, the New York-based LNG and power project developer in Latin America and the Caribbean.

“Golar LNG Partners common unit-holders of record at the close of business on January 25, 2021, will be entitled to receive notice of the special meeting and to vote,” said a statement from Golar Partners, listed on the Nasdaq global stock exchange.

Ventures

Under that deal, New Fortress has agreed to acquire all of the outstanding common units and general partner units of Golar Partners for $3.55 per unit in cash.

The Partnership’s fleet of vessels comprises four modern carriers, four floating storage and regasification units and two newbuilds.

The Chairman of Golar Partners, Tor Olav Troim, is backing the deal, saying that it was an attractive solution for Golar Partners and its unit-holders.

New Fortress is also engaged in a second takeover of Hygo Energy Transition, a Brazil-focused joint venture owned by US-based fund Stonepeak Infrastructure Partners and shipping company Golar LNG Ltd, an affiliate of Golar Partners.

When Stonepeak and Golar LNG Ltd started their joint venture to develop LNG-for-power projects in northeast Brazil it was known as Golar Power before the name was changed to Hygo Energy Transition.

New Fortress Chairman and Chief Executive Wes Edens has said that both deals were valued at a total of more than $5 billion in cash and shares and would turn New Fortress into the leading gas-to-power company in Brazil through the Hygo deal and the purchase of Golar Partners would provide world-class LNG shipping experience and assets.

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