Madison Pacific is selling such stake as holder of a security interest in such stake granted by HNA Innovation Finance Group Co., Limited to secure payment under certain notes issued by HNA. HGSI is a joint venture between HNA and Glencore Group Funding Limited, a wholly owned subsidiary of Glencore Plc. Glencore is one of the world’s largest globally diversified natural resource companies.
Through this deal, Tristar will acquire a majority holding in a well-diversified portfolio of oil storage, distribution and retail assets owned by HGSI, comprising eight operating assets across four key regions: Europe, the Americas, Middle East and Africa. The transaction, valued at USD 215 million, will add in excess of 3 million cubic meters of fuel storage capacity to the Tristar portfolio and extend the company’s global presence to 29 countries across the globe.
Completion expected in the second quarter of 2022
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 and subject to certain regulatory filings and approvals, and stakeholder consents.