Battolyser Systems raises EUR 30m in Series A funding round
Sep 12, 2024 11:35 CESTThe sale of Vopak's (AMS:VPK) UK assets gives the Dutch oil storage firm financial room to invest in growth opportunities elsewhere and simultaneously preserves dividend payment, KBC Securities' analyst Dirk Verbiesen said on Monday.
The sale to Macquarie Capital and UK fuel supplier Greenergy will lead to a one-off gain of GBP 200 million (USD 297.7m/EUR 272.7m) for Vopak.
More financial details were not disclosed, but KBC bets on a selling price of 13 to 14 times the earnings before interest, tax, depreciation and amortisation (EBITDA) of the assets sold.
Macquarie Capital is buying Vopak's three wholly-owned terminals: Vopak Terminal London, Vopak Terminal Teesside and Vopak Terminal Windmill.
Greenergy will acquire Vopak Holding UK, comprising Vopak`s 33.3% investment in the joint venture Thames Oilport, former Coryton refinery, which is still under development.
KBC described the transaction as a very good deal, issuing a "hold" rating and a share price target of EUR 35 on Vopak.
By 1433 CET on Tuesday Vopak shares were trading 0.86% up to EUR 39.30 on Euronext Amsterdam.
(GBP 1.0 = USD 1.489/EUR 1.364)
Battolyser Systems raises EUR 30m in Series A funding round
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