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Glencore agrees to sell 51% stake in petroleum products storage biz for US$775M

Glencore Plc entered into a definitive deal with HNA Innovation Finance Group Co. Ltd., pursuant to which the latter can acquire a 51% interest in the company's petroleum products storage and logistics business for US$775 million.

The transaction will see the two companies establish HG Storage International, which will consolidate the petroleum assets and operate across Europe, Africa and the Americas.

Upon closing, HG Storage will be governed by its own board.

Meanwhile, HNA will have the right to appoint three directors, alongside two Glencore-appointed directors.

The parties have agreed to an initial three-year lock-up period with respect to their interests in HG Storage, which they said reflected a mutual commitment to a successful long-term partnership.

The deal is expected to close during the second half, Glencore noted March 31.