Hamilton, Bermuda - January 13, 2022
Teekay LNG Partners L.P. (the Partnership) (NYSE: TGP) today announced that it completed the previously announced acquisition of the Partnership by investment vehicles managed by Stonepeak.
All common units will convert into the right to receive $17.00 per common unit in cash, subject to deductions of applicable withholding tax. The common units, which trade on the New York Stock Exchange (“NYSE”) under the ticker symbol “TGP”, will be suspended from trading today and delist from the NYSE within 10 days.
The Partnership’s Series A and B preferred units, which trade on the NYSE under the ticker symbols “TGP PR A” and “TGP PR B”, respectively, will remain outstanding and continue to trade on the NYSE.
With the acquisition complete, the Partnership will rebrand as Seapeak. The Partnership intends to convert to a limited liability company during the first quarter of 2022, at which time it will change its name to Seapeak LLC and change its Series A and B preferred units ticker symbols to “SEAL PR A” and “SEAL PR B”, respectively.
As Seapeak, the Partnership will launch a new organizational vision and identity, reflecting intentions to renew and grow its primary business of owning and operating LNG carriers, and to explore potential adjacencies.
To explore the new brand, please visit: www.seapeak.com.
About Teekay LNG
Teekay LNG is one of the world’s largest independent owners and operators of LNG carriers, providing liquefied gas services primarily under long-term, fee-based charters through its interests in 47 LNG carriers, 20 mid-size LPG carriers, and seven multi-gas carriers. Teekay LNG’s ownership interests in these vessels range from 20 to 100 percent. In addition, Teekay LNG owns a 30 percent interest in an LNG regasification terminal.
Teekay LNG’s preferred units trade on the New York Stock Exchange under the current symbols “TGP PR A” and “TGP PR B”, respectively. For more information, please visit: www.teekayLNG.com.
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $43.5 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, power and renewable energy, transport and logistics, and water. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, and Sydney. For more information, please visit www.stonepeak.com.
Teekay LNG Partners L.P. press release