Höegh Evi Announces Ownership Shift to Igneo Infrastructure Partners

Deal News | Dec 13, 2024 | PR Newswire Cision Höegh Evi

Höegh Evi Ltd., an industry leader in LNG infrastructure and floating energy solutions, has announced an impending ownership realignment. Igneo Infrastructure Partners plans to acquire a 50% stake in Larus Holding Limited, Höegh Evi's parent company, from Morgan Stanley Infrastructure Partners. Aequitas Limited will maintain its current 50% ownership. This strategic transaction underscores Höegh Evi's commitment to expanding its clean energy solutions portfolio alongside its floating storage and regasification unit (FSRU) services. The acquisition aligns with the company's objectives of facilitating energy transitions with innovative technologies. The transaction, expected to finalise in the first half of 2025 pending regulatory approvals, highlights the collaboration between Höegh Evi and Igneo to boost capabilities in ammonia, hydrogen, and carbon infrastructure. Morgan Stanley facilitated Höegh Evi's growth during its ownership, which emphasizes the latter's strong market stance and potential. Legal and financial advisories from top firms such as Morgan Stanley & Co., DNB Markets, White & Case LLP, and others support this deal.

Sectors

  • Infrastructure
  • Energy
  • Private Equity

Geography

  • Bermuda – Location of Höegh Evi's announcement and registration.
  • Europe – Geographical focus of Höegh Evi's market leadership and contribution to energy security.
  • Norway – Listing of Höegh Evi's senior unsecured bonds on the Oslo Stock Exchange.

Industry

  • Infrastructure – Involvement of Igneo Infrastructure Partners and focus on energy infrastructure including LNG and clean energy transition initiatives.
  • Energy – Höegh Evi's role as a provider of floating energy infrastructure, including LNG and new focuses on clean energy solutions such as ammonia and hydrogen.
  • Private Equity – The transaction involves private equity firms Igneo Infrastructure Partners and Morgan Stanley Infrastructure Partners.

Financials

  • 50% – The ownership stake in Höegh Evi's parent company acquired by Igneo Infrastructure Partners from Morgan Stanley Infrastructure Partners.
  • NOK0010873755 – ISIN for Höegh Evi's senior unsecured bonds listed on Oslo stock exchange.
  • $20.0bn – Assets managed by Igneo Infrastructure Partners as of 30 September 2024.
  • $17 billion – Assets under management by Morgan Stanley Infrastructure Partners globally since inception.

Participants

NameRoleTypeDescription
Höegh Evi Ltd.Target companyCompanyAn industry leader in floating energy infrastructure, focusing on FSRUs and transitioning to clean energy solutions.
Igneo Infrastructure PartnersBuyerCompanyA private investment team within First Sentier Investors Group, investing in mid-market infrastructure.
Morgan Stanley Infrastructure PartnersSellerCompanyGlobal investment platform divesting its ownership in Höegh Evi.
Aequitas LimitedCo-ownerCompanyInvestment holding company retaining its stake in Höegh Evi.
Morgan Stanley & Co. International plcFinancial AdvisorCompanyAdvised Höegh Evi on the transaction.
DNB Markets, DNB Bank ASAFinancial AdvisorCompanyServed as financial advisors in the transaction.
White & Case LLPLegal AdvisorCompanyLegal advisors for the Seller.
Kirkland & Ellis International LLPLegal AdvisorCompanyLegal advisors to Aequitas.
Watson Farley & Williams LLPLegal AdvisorCompanyLegal advisors to Höegh Evi.
Citigroup Global Markets LimitedFinancial AdvisorCompanyFinancial advisor to Igneo Infrastructure Partners.
Weil, Gotshal & Manges LLPLegal AdvisorCompanyLegal advisor to Igneo Infrastructure Partners.
Advokatfirmaet Schjødt ASLegal AdvisorCompanyLegal advisor to Igneo Infrastructure.
Morten W. HøeghChairmanPersonChairman of Höegh Evi, emphasizing the strategic shift towards clean energy.
Niall MillsManaging PartnerPersonGlobal Head of Igneo Infrastructure Partners.
Alberto DonzelliManaging DirectorPersonCo-Head of Europe at Morgan Stanley Infrastructure Partners.