Family-owned Hoegh LNG Holdings has made a $139m offer to its US-listed master limited partnership (MLP) Hoegh LNG Partners to buyout all its publicly held shares.
Hoegh LNG Partners said Monday that it had received a cash offer from the holding company to buy up its shares at $4.25 each.
The offer is at a premium to the last traded share price of $4.02.
The proposal would take effect through a merger between the Partnership and a subsidiary of Hoegh LNG, it said.
The listed outfit said the offer requires the approval of the HMLP Conflics Committee, its board and the Hoegh LNG board. This would be followed by a vote of the majority of the outstanding shareholders in the partnership.
Hoegh LNG Partners operates five floating storage and regasification units built between 2009 and 2016.
The company is currently engaged in an ongoing dispute with the Indonesian charterers of its vessel, 170,000-cbm PGN FSRU Lampung (built 2014).
The offer is yet another move in the ongoing round of shipping companies selling off or consolidating their listed arms.
In March 2021 family company Leif Hoegh & Co announced it was taking Hoegh LNG Holdings private in a deal with US investment bank Morgan Stanley.
At the start of this year, it emerged that Golar LNG's downstream assets held under Hygo Energy Transition and including Golar LNG Partners were being sold to New Fortress Energy.
In late February, GasLog announced plans to merge with BlackRock's Global Energy & Power Infrastructure team (GEPIF) in a deal that saw it delist from the NYSE, leaving GasLog LNG Partners trading on the US exchange.
Teekay LNG Partners followed in October in a $6.2m deal with infrastructure investment firm Stonepeak.
