Teekay LNG Partners L.P. closes acquisition by Stonepeak and will rebrand as Seapeak

Source: press release, 13 January 2021

photo: Teekay Group
photo: Teekay Group

Teekay LNG Partners L.P. has 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 USD 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 13 January 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 organisational vision and identity, reflecting intentions to renew and grow its primary business of owning and operating LNG carriers, and to explore potential adjacencies.