Oxbow Carbon LLC Acquires Majority Interest in OVET Holding B.V.
July 1, 2014
ROTTERDAM, THE NETHERLANDS – Oxbow Carbon LLC (Oxbow) announced that it has completed the acquisition of 50.1% of OVET Holding B.V. (OVET) from H.E.S. Beheer N.V. (HES) for €66.6 million. The transaction was previously announced on April 29, 2014. OVET owns and operates the Terneuzen and Flushing dry bulk terminals in southwest Netherlands. OVET also holds a 50% interest in OBA Group B.V. (OBA), which owns and operates the OBA dry bulk terminal in Amsterdam, Netherlands.
The OVET and OBA terminals handle steam coal, coking coal, petroleum coke, anthracite, agribulk, minerals, biomass and other solid bulk materials, primarily for use in the Netherlands, Germany, Belgium and France. Oxbow was already a customer of the OVET and OBA terminals, and the acquisition represents an important transaction for Oxbow as it further expands the Company’s carbon business in Europe. Both OVET and OBA will continue to run their business commercially independent and the terminals will remain public and open to customers.
The remaining 49.9% of OVET and the remaining 50% of OBA are both owned by HES. HES had previously owned a portion of both companies and acquired the remaining interest from ArcelorMittal, along with various other assets, in a separate transaction that also closed today. HES then simultaneously sold 50.1% of OVET to Oxbow. Detailed terms of the transaction were not disclosed.
For further information contact:
Corporate Communications & Community Relations
Oxbow Carbon LLC
1601 Forum Place, Suite 1400
West Palm Beach, FL 33401