Teekay LNG's $6.2bn take-private deal has closed.
Parent Teekay Corp announced on Thursday that the gas carrier spin-off and Stonepeak Limestone Holdings — formerly known as Stonepeak Infrastructure Fund IV Cayman — completed the merger that was announced on 4 October.
The agreement saw the Stonepeak Infrastructure Partners fund buy all outstanding Teekay LNG shares for $17 each.
As part of the deal, Teekay Corp received $641m.
"We believe the significant financial strength we now have following this transaction puts us in an excellent position to pursue a range of attractive investment opportunities that leverage Teekay’s core competencies and institutional knowledge to create long-term shareholder value," Teekay president and chief executive Kenneth Hvid said.
Hvid further trumpeted the company's cash stores of roughly $325m following its decision to redeem $112m in bonds due in November and its 30% holding in Teekay Tankers.
After the deal, Stonepeak takes control of a fleet of 47 LNG carriers and 21 LPG carriers, many of which were built within the last five years.
The deal is the latest in a spate of deals for gas carrier owners that saw several delisted from public exchanges.
In 2021, Golar LNG Partners was sold to New Fortress Energy in a $5bn shares and cash deal.
GasLog was also sold to a BlackRock fund for $5.80 per share and Oslo-listed Hoegh LNG Partners was sold to Morgan Stanley Infrastructure Partners in a $214m deal.
In December, Golar LNG spun off its LNG carrier fleet into an Oslo-listed company called Cool Co, with Idan Ofer's Eastern Pacific Shipping taking a $150m equity stake in the company.
