The transaction is expected to complete in the fourth quarter of 2020, subject to customary closing conditions and regulatory approvals, CLH said.
Through this transaction, CLH will add 15 liquid product storage terminals, making it a European leader with operations in eight countries.
“This agreement represents a unique opportunity to continue the company’s international expansion and consolidate its presence in the European market,” said José Luis López de Silanes, chairman of CLH.
The 11 UK terminals included in the agreement have a capacity of more than 2 million cubic meters and can store a wide range of liquid products related to a number of supply chains, including diverse chemical products, as well as traditional fuels and biofuels. Integrating these terminal facilities in the United Kingdom offers an excellent complement to CLH‐PS, the CLH Group subsidiary already operating in the country.
In addition, the agreement also includes one terminal in Ireland, where CLH already operates at the Dublin airport through its subsidiary CLH Aviation Ireland, plus two more in Germany and one in the Netherlands.
“This transaction will expand CLH’s knowledge on chemical products and biofuel storage by gaining the experience of a European leader in these business segments,” said Jorge Lanza, CLH’s chief executive officer. “It is also in line with CLH’s strategy of diversification beyond hydrocarbons in response to the challenges of climate change.”
The businesses in the agreement currently have a workforce of 530 highly experienced and technically qualified employees, CLH said, and the company is committed to ensuring facilities continue to be operated under the highest levels of safety and quality conditions.
“CLH is acquiring a high‐quality business with an outstanding team who have made an important contribution to the success and growth of Inter Pipeline over the past 15 years,” said Christian Bayle, president and CEO of Inter Pipeline.