Vitol Investment Partnership Buys MISC's Shareholding In VTTI B.V.

(RTTNews) - VTTI Energy Partners LP (VTTI) or the "Partnership" said that it has been informed by VTTI B.V. that Vitol Investment Partnership Limited or "VIP", an investment vehicle sponsored by Vitol Holding B.V. , which indirectly owns 50% of VTTI B.V., has acquired MISC Berhad's indirect 50% shareholding in VTTI B.V for cash consideration of $830 million.

VIP has acquired the shares through VIP Terminals Finance B.V., a wholly-owned indirect subsidiary of VIP. VTTI B.V., which indirectly owns VTTI Energy Partners GP LLC, the general partner of the Partnership, will continue to be run as an independent company under the leadership of CEO Rob Nijst.

In connection with the Acquisition, Yang Chien Yee, Chairman of the Board of Directors of the general partner of the Partnership, and Captain Rajalingam Subramaniam, director, each resigned from the Board. David Fransen and Francis Brenner replaced Yee and Captain Rajalingam as directors, effective November 9, 2015. Christopher Bake, a member of the Board since the Partnership's initial public offering in August 2014, has replaced Yee as Chairman of the Board.

The Partnership, certain subsidiaries of the Partnership, VTTI B.V., Vitol and MISC have executed an amendment to the Omnibus Agreement that we entered into in connection with the Partnership's IPO. As per the Omnibus Agreement, VTTI B.V. guaranteed the rates of certain capacity contracted by Vitol for a specified period of time after the applicable Vitol terminaling services agreement expires. If VTTI B.V. fails to reimburse the Partnership for the aggregate monthly amount that Vitol would have paid under the expiring terminaling services agreements, Vitol and MISC, jointly and severally, must reimburse the Partnership for such losses.

In connection with the Acquisition, Vitol has agreed to extend or enter into new terminaling services agreements with terms expiring on or after the end of each agreement's respective guarantee period expiration date and at rates and capacity, in the aggregate, equal to or greater than the rates and capacity currently set forth in the existing Vitol terminaling services agreements.