Global Infrastructure Partners announced the purchase of an equity interest in Freeport LNG Development by its second fund Global Infrastructure II, anticipated at 25%.
Sellers, the consortium of institutional investors managed by Hastings Funds Management, Inc. and Zachry American Infrastructure, have no further ownership in Freeport LNG.
The purchase price for the transaction is $850 million, subject to certain milestones and purchase price adjustments.
Freeport LNG is developing a three-train liquefied natural gas (LNG) export facility at its existing LNG receiving and regasification facility on Quintana Island, near Freeport, Texas. The transaction is expected to close in the fourth quarter of 2014 (following financial closing for Trains 1 and 2 of the Freeport LNG facility).
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Press Release, July 15, 2014; Image: Freeport LNG