- Transaction Represents a Key Milestone in Puma Energy’s Strategy to Focus on its Core Downstream Business
- 19 Infrastructure and Storage Assets Acquired by ITG Sàrl at Main Completion
Puma Energy announced the main completion of the sale of Puma Energy’s infrastructure and storage assets to ITG Sàrl, the parent company of Impala Terminals.
Hadi Hallouche, Chief Executive of Puma Energy said: “Today’s announcement is an important step as we deliver on a key strategic milestone. This will allow us to focus on our core downstream business, strengthen our balance sheet and continue to invest in growth”.
The announcement of main completion will see 19 infrastructure and storage assets in 10 countries transfer from Puma Energy to ITG Sàrl.
Puma Energy will remain a long-term customer of ITG Sàrl’s infrastructure and storage business, while also retaining a network of smaller terminals and storage facilities that directly support its downstream business.
This main completion has resulted in a reduction of Puma Energy’s net debt (gross debt net of cash and cash equivalents) to approximately USD 850 million on a pro forma basis as of 30 June 2022. Further assets are expected to be sold to ITG Sàrl by the second quarter of 2023, subject to pending regulatory approvals, which would further reduce Puma Energy’s net debt.
Given current market dynamics, Puma Energy intends to be prudent with the proceeds from the transaction and continues to review options as we balance market challenges and opportunities.
