Energy and commodities company Vitol has agreed to acquire Noble Americas Corporation. The transaction is part of NGL’s restructuring plan.
Noble Group Limited (NGL) and its indirect wholly-owned subsidiaries, Noble Resources UK Holdings Limited (NR UK) and Noble Americas Corp. ([ds_preview]NAC), have entered into a stock purchase agreement with Vitol US Holding Co. and Euromin Inc. Noble Group’s global oil liquids business is primarily conducted through NAC. NAC trades large physical volumes of crude and refined oil products via ship, barge, pipeline, truck and rail.
The sale is part of NGL’s restructuring plan. For the second quarter of 2017, the company had posted a loss of 1.75 bn $. Noble Group’s wants to focus on its Hard Commodities , Freight and LNG businesses and its position as an industrial and energy products supply chain manager in Asia. A few weeks ago, NGL had announced the sale of Noble Americas Gas & Power Corporation to Mercuria Energy America.
Upon Closing, NGL will no longer hold any Sale Shares in NAC. According to NGL, the Total Consideration will be approximately 582 mill. $. It is expected that the Net Proceeds will be made available to reduce Noble Group’s indebtedness. The Group has already issued a warning for a loss of more than 1 bn $ for the third quarter.
Vitol trades over 7 mill. bbl per day of crude oil and products and has 250 ships transporting its cargoes. Revenues in 2016 were 152 bn $.
