Stonepeak Partners, the investment firm, is reportedly in talks to take over Malaysia-based Yinson Holdings in a deal that could be worth $2.1 billion, according to Bloomberg, which cited unnamed sources.
The U.S. company will join forces with Yinson’s largest shareholder, the Lim family, for the acquisition, the Bloomberg sources also said. The Malaysian company, which began its life as a transport and logistics services provider in the 1980s, is currently active in energy infrastructure, oil and gas vessels, and wind and solar. Bloomberg noted that the news of the possible acquisition pushed Yinson’s shares 14% higher. If Stonepeak and the Lim family take it over, they would also take it private, the report said.
Earlier this year, Yinson completed a funding round worth $1 billion for its unit that manufactures offshore oil and gas vessels. Investors included the Abu Dhabi Investment Authority, British Columbia Investment Corp., and RRJ Capital, a Singapore-based private equity firm.
Stonepeak, for its part, recently made headlines when it bought a 40% stake in Woodside Energy’s Louisiana LNG project. Per the terms of the deal, the infrastructure investment firm will provide $5.7 billion towards the expected capital expenditure for the foundation development of the LNG export facility, contributing 75% of the project capital expenditure in both 2025 and 2026.
The transaction provides “validation of project quality and increasing attractiveness of the project to other potential equity partners,” Woodside said in a statement at the time.
Also, earlier this year, Stonepeak struck a deal with Spain’s Repsol to buy a stake in a solar power generation and storage portfolio of 777 MW across New Mexico and Texas. The infrastructure investor agreed to pay $340 million for a 46.3% interest in the asset package. The package includes Repsol’s largest solar installation to date, the 632-MW Frye facility in Texas.
By Charles Kennedy for Oilprice.com
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