Mubasher: Tristar Transport, a subsidiary of Agility Public Warehousing, has reached a $215 million (KWD 65 million) agreement to acquire China-based HNA Group's 51% stake in HG Storage International Limited.
HG Storage International is a joint venture (JV) between HNA Group and the Glencore Group, a natural resource company, according to a bourse filing on Sunday.
As part of the agreement, Tristar will own HG Storage International's majority portfolio of storage assets across eight countries from Europe, the Middle East, Africa, and the Americas.
With a financial impact expected to be registered in the second quarter (Q2) of 2022, the transaction will add three million cubic metres of fuel storage capacity to the Tristar portfolio.
