Ince & Co advises Aegean Marine Petroleum Network (AMPNI) on the acquisition of HEC Europe
Ince & Co was instructed by longstanding client, Aegean Marine Petroleum Network (AMPNI), the world’s largest independent physical bunker supplier, on its approx. $367 Million acquisition of HEC Europe. The acquisition signed on 20 February and closing is subject to customary conditions.
Consideration for the acquisition included a mixture of accounts receivable assignments, cash and/or notes, the assumption of debt and the issue of 33percent of the equity in AMPNI. The acquisition of HEC is an important strategic move for AMPNI in line with the evolving need for green products and services in the shipping industry. HEC specialises in removing, treating and disposing of oily waste from vessels and oil rigs and currently has operations in Greece, Germany and Gibraltar, operating under the ‘Green Ports’ brand.
Matthew Stratton and Stephen Jarvis led the transaction with support from Ince’s corporate, finance, competition and tax colleagues and working closely with teams in its Hamburg and Piraeus offices.
Ince & Co International Corporate Partner Matthew Stratton commented:
“The team were delighted to have been instructed by AMPNI on this transaction, after having worked on a number of other impressive corporate transactions recently, including the acquisition of V.Group by Advent and the acquisition of Seaway Heavy Lifting by Subsea7. The transaction involved collaborative working across our network of offices and is an excellent example of the variety and international nature of the corporate work Ince & Co undertakes”
Other legal advisers included – Arnold & Porter Kaye Scholer (US law); Seward & Kissel (US law), Polakis Sarris (Cyprus law).
Source: Ince & Co.