Monaco’s GasLog Partners to acquire Methane Becki Anne for $207.4 mln

GasLog Partners LP, a Monaco-based liquefied natural gas (LNG) carriers operator, announced an agreement with peer GasLog to acquire 100 percent of the shares in the entity that owns and charters the LNG carrier Methane Becki Anne to Netherlands-based energy company Shell.

The aggregate purchase price for the acquisition will be $207.4 million, which includes $1 million for positive net working capital balances to be transferred with the vessel and is approximately equal to the vessel’s net book value.

GasLog Partners will finance the acquisition with cash on hand, plus the assumption of the Methane Becki Anne’s outstanding indebtedness of $93.9 million. The partnership expects the deal to be immediately accretive to distributable cash flow per unit and is consistent with its strategy to grow cash distributions through drop-down and third-party acquisitions.

The purchase price represents an acquisition multiple of approximately 9.4 times estimated earnings before interest, taxes, depreciation and amortization. The deal is expected to close in the fourth quarter of 2018.