11 June 2012
Travers Smith acts on disposal by Challenger of its 66.2% stake in LBC Terminals
Travers Smith Head of Corporate Finance Spencer Summerfield, Corporate Partner Anthony Foster and Senior Corporate Associate Daniel Simons are leading the team that are advising existing client Challenger on the US$277.8 million (based on a completion date of 31 July 2012) disposal of its 66.2% stake in LBC Terminals to a consortium of buyers comprising Dutch pension fund asset managers APG Algemene Pensioen Groep N.V and PGGM and Australian superannuation investors (all advised by Access Capital).
LBC Terminals is the second largest independent operator of tank storage facilities for liquid bulk chemical products in the world and, in addition to tank storage facilities, LBC offers a range of value-added services, including blending and compounding of a range of technical additives and compounds.
The consortium of buyers was advised by Baker and McKenzie (David Allen).< Back