Tristar is expanding its global tank storage capacity
Tristar Transport, the UAE-based integrated energy logistics group, is acquiring a 51% stake in HG Storage International (HGSI) from Madison Pacific Trust, as holder of a security interest granted by HNA Innovation Finance Group (HNA). HGSI is a joint venture between HNA and Glencore Group Funding, a wholly owned subsidiary of Glencore.
Through this deal, Tristar will acquire a majority holding in a diversified portfolio of oil storage, distribution and retail assets owned by HGSI, comprising eight operating facilities in Europe, the Americas, Middle East and Africa. The transaction, valued at US$215 million, will add in excess of 3 million m3 of fuel storage capacity to the Tristar portfolio and extend the company’s global presence to 29 countries across the globe.
Following the transaction, Glencore will remain as a key strategic shareholder of HGSI and a joint venture partner to Tristar.
Completion of the deal is expected in the second quarter of 2022, subject to the necessary regulatory filings and approvals, and stakeholder consents. Tristar was advised during the transaction by Acqua Capital and Freshfields Bruckhaus Deringer while Madison Pacific was advised by PricewaterhouseCoopers and Stephenson Harwood.
Tristar, HG Storage International, HNA Innovation Finance Group
