ATHENS: Flex LNG is to acquire LNG vessels and other assets from Belgium’s Exmar and Fredriksen-led Geveran in a deal that will create one of the largest independent floating LNG infrastructure companies in the world.
After the transaction is completed, Flex LNG will become known as Exmar LNG Ltd, which will have an enterprise value of $2.3bn, Flex LNG said in a filing to the Oslo stock exchange today. The two companies will receive equity in Exmar LNG in return for their asset divestments. Exmar will hold a 64.6% interest in Exmar LNG, with Geveran holding a 30.7% stake. Like its predecessor Flex, Exmar LNG will continue to be listed on the Oslo stock exchange.
The transaction is expected to close during the third quarter of this year, subject to due diligence and approvals from regulators, shareholders and other third parties.
