Hola, Argentina: Noble Group acquires stake in private consortium for $21 million

More opportunities in deep sea ports.

Noble Group continues exploring uncharted territories while finding opportunities where footprints have already been left.

In a media release early today, Noble Group announced that it has bought a 22.75% stake or shareholding interest in Sitio o de Quequén S.A., a company incorporated in Argentina.

The consideration for the acquisition is approximately US$17 million,excluding an additional payment of up to US$3 million, subject to the achievement of certain financial performance targets by Sitio 0 over an agreed period.

Based on the latest available financial statements of Sitio 0 for the period ended 30 June 2014, the book value attributable to the Acquired Shares was US$7.3 million, and the net tangible asset value attributable to the Acquired Shares was US$7.5 million.

Here's more from Noble Group:

The Consideration was agreed on a willing-buyer, willing-seller basis, taking into account, inter alia, the future business development of Sitio 0, and the synergy with the Company’s grains pipeline business plan. Sitio 0 is a private consortium that has been awarded with a concession to build and operate a deep sea port with 2 million tonnes throughput and related facilities in Quequén, Province of Buenos Aires, Argentina. The Consideration will be wholly satisfied in cash and will be funded from the Company’s internal resources.

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