RUBIS 
RUBIS
Paris, January 21,2020, 8:00am
Rubis, a Paris-based company specializing in the distribution of petroleum products and bulk liquid storage, and I Squared Capital, a leading global infrastructure investor, have signed an agreement whereby I Squared Capital will indirectly purchase 45% of the 99.4% equity stake held by Rubis in Rubis Terminal. The signing followsthe completion of the employee consultation process and the positive opinion obtained from the works council of Rubis Terminal. With a portfolio of13facilities anda capacity of 3.5millioncubic metersacross four countries (France, Belgium, The Netherlands and Turkey), Rubis Terminal providescriticalbulk-liquid storage infrastructuretoa diversified base of industrial customers and across a broad range of petroleum, chemical and agri-food products. Thejoint venture willaccelerateRubis Terminal's strategic plan tostrengthen itsposition withinitscurrent footprint,diversify its product offerings and explore potential expansionoutside of Europe. Rubis will retainapproximately55% of the sharesin Rubis Terminal and will jointly control Rubis Terminalalongside I Squared Capital.As a result of the change in governance, Rubis will no longer consolidate Rubis Terminal under the full consolidation method, but insteadaccount for its ownership under the equity method.The existing management team will remain in place. The transactionvaluesRubisTerminal atanenterprise valueof?1,000 million,or11.2timesits2018 EBITDA(including its 50%share of Antwerp), and will result insubstantialdeleveragingof Rubis'sbalance sheet. As part of the transaction, Rubis Terminal has obtained a financing commitment from affiliates of J.P. Morgan, Crédit Agricole CIB and Société Générale for a refinancing ofup to ?425 million. Thecompletion of the transactionissubject to anti-trust clearance in Europe and Turkey, and approval under the French foreign investments control. Subject to these regulatory and other customary conditions, closing of the transaction should take place during the first half of 2020.
Upcoming events: Fourth quarter 2019 revenue: 11 February 2020 (after market closing)
Regulatory filing PDF file Document title: Rubis to partner with I Squared Capital in Rubis Terminal Document: http://n.eqs.com/c/fncls.ssp?u=PUHXNETCXO |
| Language: | English |
| Company: | RUBIS |
| 46, rue Boissière | |
| 75116 Paris | |
| France | |
| Phone: | +33 144 17 95 51 |
| Fax: | +33 145 01 72 49 |
| E-mail: | communication@rubis.fr |
| Internet: | www.rubis.fr |
| ISIN: | FR0013269123 |
| Euronext Ticker: | RUI |
| AMF Category: | Inside information / Issuer activities (acquisitions, sales...) |
| EQS News ID: | 957485 |
| End of Announcement | EQS News Service |
957485 21-Jan-2020 CET/CEST
