Apr 15, 2019
Twelve Seas to Buy U.A.E.'s Brooge Petroleum in $1 Billion Deal
, Bloomberg News
(Bloomberg) -- Twelve Seas Investment Co. agreed to acquire Brooge Petroleum & Gas Investment Co. in a deal valued at about $1 billion.
Brooge is an oil storage and services business based in the United Arab Emirates. Twelve Seas expects the acquisition to be completed this year at the end of the second quarter or early in the third quarter, according to a statement.
Brooge was founded in 2013 with storage assets in the U.A.E. port of Fujairah. Upon completion of the deal, the company will continue to be led by its current management team including Chief Executive Officer Nicolaas Paardenkooper, and its headquarters will remain in Fujairah.
Brooge plans to increase its storage capacity to 1 million cubic meters by late in the second quarter or early in the third quarter of 2020.
To contact the reporter on this story: Salma El Wardany in Cairo at selwardany@bloomberg.net
To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net, Bruce Stanley, Alaric Nightingale
©2019 Bloomberg L.P.
