Vitol Group €108 million acquisition of stake in Ventspils nafta

Overview:

• The Vitol Group - through its subsidiary Euromin Holdings (Cyprus) - completed the acquisition of the remaining 50.01% of Ventspils nafta it did not already through two transactions. On completion it owned 100% of the share capital of the target.
• The first was a €79.98 million acquisition of a 43.25% stake from Latvijas Naftas Tranzits in September 2015. This was followed by a tender offer for the remaining 6.76% of shares for €4.65 each the following January.
• The total transaction value was approximately €108 million.
• Ventspils nafta operates the largest crude oil and petroleum products terminal in Latvia alongside shipping and pipeline services.
• Vitol is an international energy and commodities company founded in Rotterdam, but headquartered in Geneva, that ranks as one of the largest independent energy traders in the world.

Jon Moore - Journalist