FSRU Excelsior, image: Excelerate
German utility company RWE announced on Friday they are selling back their 50 percent stake in Houston-based Excelerate Energy. The deal was signed with economic effect from 30 June 2013.
Excelerate’s original financier and co-owner George B. Kaiser bought the shares back for an undisclosed price. RWE’s initial 50 percent stake was bought from Mr. Kaiser in 2008 for a consideration of approximately $500 million.
“Excelerate Energy has developed to become a very successful global provider of infrastructure based on special LNG ships with on-board regasification. This business is further developing into a pure LNG infrastructure business and is therefore an ever less integral part of the core activities of RWE”, explained Stefan Judisch, CEO of RWE Supply & Trading regarding the company’s decision.
Join the 62,483 members that receive our newsletter.
Have a news tip? Let us know.
Three mariners were rescued from a disabled barge off the coast of Point Judith, Rhode Island on Wednesday after their tug sank. The U.S. Coast Guard reports that watchstanders at...
by Mei Mei Chu (Reuters) – Microsoft, Google, and Facebook have asked Malaysia’s Prime Minister to reinstate an exemption allowing non-Malaysian ships to carry out repairs to submarine cables in the...
By Alastair Reed (Bloomberg) –A.P. Moller-Maersk A/S raised its guidance for a second time since October as the world’s biggest container shipping company enjoys stronger demand than feared amid the...
