EQT Infrastructure II To Acquire Westway Group, Inc. For $6.70 Per Share
NEW ORLEANS, Dec. 20, 2012 (GLOBE NEWSWIRE) -- Westway Group, Inc. (Nasdaq:WWAY) ("Westway" or the "Company") today announced it has entered into a definitive agreement pursuant to which an affiliate of EQT Infrastructure II will acquire all of the outstanding equity securities of Westway Group, Inc. for approximately $419 million in aggregate cash consideration or $6.70 in cash per common share (the "Merger Agreement"). The Company also announced that it that has entered into a definitive agreement to sell its liquid feed supplement business ("Westway Feed Products" and such agreement, the "Purchase Agreement") and certain bulk liquid storage terminals located in Ireland, Denmark, Korea, and the United Kingdom (collectively, the "Foreign Terminals") to an affiliate of ED&F Man Holdings Limited ("ED&F Man"), the Company's largest stockholder, for a purchase price of approximately $115 million, subject to adjustment.
Francis P. Jenkins, Jr., Chairman of the Company and Chairman of the Special Committee stated "For over a year, we have been reviewing a variety of strategic alternatives for Westway. After this extensive process, we are excited to announce these transactions with EQT Infrastructure II and ED&F Man. We believe the aggregate value of these transactions achieves our objective of delivering immediate and compelling value for the Company's stockholders. We also are confident that we have found excellent owners for the Company's businesses. EQT Infrastructure II has a strong track record in the bulk liquid storage sector and will be an excellent partner for our terminal employees and customers. ED&F Man owned Westway Feed Products for many years and will continue to grow and succeed with our employees, customers and suppliers."
"Westway has a strong history of providing value added storage services to a loyal customer base, and we look forward to partnering with its exceptional management team. Demand for storage services continues to grow as the global supply chain for a number of industries becomes increasingly complex. We believe that Westway's ability to provide high quality and reliable storage services to existing customers while also expanding storage services to other growing markets will help foster its next stage of development", says Glen T. Matsumoto, Partner at EQT Partners in the United States, Investment Advisor to the EQT Infrastructure II.
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