Höegh LNG Partners LP announced that the Board of Directors of the Partnership received an unsolicited non-binding proposal, dated December 3, 2021, from Höegh LNG Holdings Ltd. (“Höegh LNG”) pursuant to which Höegh LNG would acquire through a wholly owned subsidiary all publicly held common units of the Partnership in exchange for $4.25 in cash per common unit. Höegh LNG has proposed that a transaction would be effectuated through a merger between the Partnership and a subsidiary of Höegh LNG.
The Conflicts Committee of the HMLP Board, comprised of only non-Höegh LNG affiliated directors, will retain advisors and will evaluate the offer.
The proposed transaction is subject to a number of contingencies, including the approval by the HMLP Conflicts Committee, the HMLP Board and the Höegh LNG board of directors of any definitive agreement and, if a definitive agreement is reached, the approval by the holders of a majority of outstanding common units in the Partnership. The transaction would also be subject to customary closing conditions. There can be no assurance that definitive documentation will be executed or that any transaction will materialize.