Benzinga | Jan 13, 2021 08:01AM EST

UPDATE: Under Terms Of Agreement, NFE Will Acquire All Of The Outstanding Shares Of Hygo For 31.4M Shares Of NFE Class A Common Stock And $580M In Cash; NFE To Acquire All GMLP Shares For $3.55/Share In Cash

Acquisition of Golar LNG Partners, LP

Under NFE's agreement with GMLP (the "GMLP Agreement"), NFE has agreed to acquire all of the outstanding common units of GMLP for $3.55 per common unit in cash. NFE has also agreed to acquire GMLP's general partner for equivalent consideration based on the general partner's economic interest in GMLP. The preferred units of GMLP will remain outstanding. The transaction is valued at a $1.9 billion enterprise value and $251 million common equity value. GMLP's Board of Directors, acting upon the recommendation of a special committee of independent directors of GMLP, unanimously approved the proposed transaction with NFE. The closing of the transaction is subject to the approval by the holders of a majority of GMLP's outstanding common units, the receipt of certain regulatory approvals and third party consents and other customary closing conditions, and is expected to occur in the first half of 2021. GLNG has entered into a support agreement with NFE committing to vote its approximately 30.8% interest in GMLP's common units in favor of the transaction.

Skadden, Arps, Slate, Meagher & Flom LLP, Conyers Dill & Pearman and Watson Farley and Williams are acting as NFE's legal advisors in the transaction. Goldman Sachs & Co. and Citi are acting as financial advisors to Hygo and Vinson & Elkins LLP is acting as Hygo's legal advisor. Deutsche Bank Securities Inc. is acting as financial advisor to the special committee of GMLP, Akin Gump Strauss Hauer & Feld LLP is acting as the special committee's legal advisor, and Baker Botts L.L.P. is acting as GMLP's legal advisor. Simpson, Thacher, & Bartlett LLP are acting as legal advisors to Stonepeak.