Stonepeak to buy Teekay LNG to tap surging gas demand
Investment firm Stonepeak said on Monday it would buy Teekay LNG Partners in a deal worth $6.2 billion as it looks to take advantage of rising global demand for LNG amid a push towards cleaner sources of energy.
Stonepeak is offering $17 per unit, which represents a premium of 8.3% to the closing price of Teekay LNG's common units on Oct. 1. Excluding Teekay's debt, the deal is for $1.5 billion.
"Under Stonepeak's ownership, we expect Teekay LNG to have improved access to competitively priced capital for both fleet renewal and potential future growth ... which has not been available through the public equity capital markets for many years," Mark Kremin, chief executive of Teekay Gas Group Ltd, said in a statement. (Reporting by Arunima Kumar in Bengaluru; Editing by Anil D'Silva and Saumyadeb Chakrabarty)
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