On completion, VALT will be 100% owned by Vitol and will be integrated into Vitol’s core trading business.
Vitol says the acquisition will make it a leader in the trading, storage and marine transportation of asphalt products around the world, with a dedicated fleet of eleven specialised vessels. VALT handles around 1.4mn metric tonnes of asphalt per annum and has hubs in Boca Raton, Florida, Geneva, London and Singapore.
The transaction is subject to conditions precedent and is expected to close in Q2 2019.
Dutch commodities trading firm Vitol has agreed to acquire a further 50% of VALT, the bitumen (asphalt) joint-venture it established in 2016 with Sargeant Marine, a Netherlands-based asphalt trading, storage and transportation business.