Acquisition expected to boost Kuwait-based company’s global presence

Kuwait-based Agility Public Warehousing Company’s subsidiary in the UAE has signed a deal to acquire 51 percent stake in HG Storage International Limited for around 65 million dinars ($215 million), as it looks to expand its global presence.

Under the terms of the agreement, Tristar Transport will acquire a majority holding in a portfolio of storage assets owned by HG Storage, spread across eight countries in Europe, the Americas, Middle East and Africa, the logistics firm said a disclosure to the Dubai Financial Market (DFM) Monday.

The deal is expected to add in excess of 3 million cubic metres of fuel storage capacity to the Tristar portfolio and extend the company’s footprint to 29 countries worldwide.

HG Storage International is a joint venture between HNA Group and Glencore Group, one of the world’s largest natural resource companies. The deal also stipulates that Glencore will continue to hold the remaining 49 percent stake in HG Storage.

zawya