Mitsui OSK Lines to acquire LBC Tank Terminals

Mitsui O.S.K. Lines (MOL) announced it will acquire LBC Tank Terminals Group Holding Netherlands Coöperatief U.A. in a transaction valued at approximately $1.715 billion (JPY 260.5 billion), scheduled for completion in June 2025. The acquisition will make LBC Tank Terminals and eight of its subsidiaries specified subsidiaries of MOL, given their capital amounts exceed 10% of MOL's total capital. LBC operates seven terminals primarily handling and storing chemicals in Europe and the U.S. Gulf Coast, boasting a total capacity of roughly 3 million cubic meters. MOL aims to leverage LBC's onshore storage capabilities to expand its chemical logistics business and develop its next-generation energy initiatives, including ammonia and CO2 transportation. The company anticipates an equity IRR of around 10% from the acquisition and plans to transition financing to optimize business and financial conditions. MOL expects a minor impact on its fiscal year ending March 2025.