Igneo Infrastructure Partners To Acquire the Ownership Interest in Höegh Evi Ltd. held by Funds managed by Morgan Stanley Infrastructure Partners

HAMILTON, Bermuda, Dec. 13, 2024 /PRNewswire/ -- Höegh Evi Ltd. ("Höegh Evi" or the "Company") today announced that funds managed by Igneo Infrastructure Partners ("Igneo") have entered into agreements to acquire a 50% ownership stake in Larus Holding Limited, the 100% owner of Höegh Evi, from funds managed by Morgan Stanley Infrastructure Partners ("MSIP"). Aequitas Limited ("Aequitas") will retain its 50% shareholding and long-term commitment as owner in the Company.  

"Höegh Evi and Aequitas deeply value the close collaboration we have had with MSIP through an extraordinary period where we strengthened our role as a market leader in LNG infrastructure and key provider of energy security in Europe. As we expand our focus to include clean energy solutions, Igneo offers deep expertise and resources to support innovation and further growth, aligning with Höegh Evi's position as global leader in floating infrastructure for energy security and the transition," said Morten W. Høegh, Chairman of Höegh Evi.  

"Höegh Evi is a global leader in delivering floating energy infrastructure to countries advancing energy security and a pioneer in the energy transition. As long-term, responsible investors, we are fully aligned with Höegh Evi's strategy to continue as a trusted provider of FSRUs and LNG infrastructure, while expanding its focus to include infrastructure for ammonia, hydrogen and carbon molecules," said Niall Mills, Managing Partner and Global Head of Igneo Infrastructure Partners.

"MSIP identified Höegh Evi early as a trusted owner and operator of floating storage and regasification import terminals with strong growth potential. During our ownership, the company significantly strengthened its commercial and strategic standing.  We are grateful for having had the opportunity to support Höegh Evi during this period," said Alberto Donzelli, Managing Director and Co-Head of Europe at Morgan Stanley Infrastructure Partners.

Höegh Evi is the issuer of senior unsecured bonds listed on Oslo stock exchange, with ISIN NOK0010873755 (the "Bonds"). The Company intends to repay the Bonds at maturity and before the closing of the Transaction.

The transaction is expected to close in the first half of 2025, subject to regulatory approvals and customary closing conditions.

Morgan Stanley & Co. International plc and DNB Markets, a part of DNB Bank ASA are acting as financial advisors to the Company. White & Case LLP, Kirkland & Ellis International LLP and Watson Farley & Williams LLP as legal advisors to the Seller, Aequitas and Company, respectively.

Citigroup Global Markets Limited is acting as financial advisor and Weil, Gotshal & Manges (London) LLP and Advokatfirmaet Schjødt AS are legal advisors to Igneo.

For more information:
Höegh Evi
Christine Corkery Steinsholt, Head of Communications and Marketing, 
[email protected] | +47 95095481

Igneo Infrastructure Partners
[email protected]

About Höegh Evi

Höegh Evi is the vital link to secure transition-delivering fast, adaptable, and secure solutions that respond to countries' evolving energy needs. For 50 years, Höegh Evi has been a pioneer and global leader in floating energy infrastructure, with one of the world's largest fleets of FSRUs (floating storage and regasification units) for importing natural gas.

Today, Höegh Evi is building the infrastructure needed to make the energy transition possible, with floating terminals for ammonia and hydrogen import, the world's first floating ammonia-to-hydrogen cracker, and services for carbon transport and permanent storage.

Höegh Evi is a global company with a highly skilled global team of 900 employees at sea and onshore. Learn more at hoeghevi.com 

About Igneo Infrastructure Partners

Igneo is an autonomous investment team in the First Sentier Investors Group. It invests in high-quality, mature, mid-market infrastructure companies in utilities, energy infrastructure, waste management and transportation/ logistics sectors. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on responsible investment and proactive asset management.

Igneo manages US $20.0bn worth of assets (as of 30 September 2024) on behalf of more than 200 investors around the world.

About Morgan Stanley Infrastructure Partners

Morgan Stanley Infrastructure Partners (MSIP) is a leading global private infrastructure investment platform with over $17 billion in assets under management since inception. Founded in 2006, MSIP has invested in a diverse portfolio of over 40 investments across transport, digital infrastructure, energy transition and utilities. MSIP targets assets that provide essential public goods and services with the potential for value creation through active asset management. For further information, please visit www.morganstanley.com/im/infrastructurepartners. 

About Aequitas Limited

Aequitas Limited (`Aequitas') is the principal investment holding company of the Høegh family, indirectly owned and controlled by Leif O. Høegh and family trusts under which Morten W. Høegh and his immediate family are the primary beneficiaries.  Aequitas owns various industrial businesses such as Höegh Evi, Höegh Autoliners (OSE: HAUTO), Höegh Eiendom and HCP Africa, alongside a diversified multi-asset class portfolio of financial investments managed by Höegh Capital Partners.

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