Morgan Stanley Infrastructure Partners Sells Höegh Evi Stake
Morgan Stanley Investment Management ("MSIM"), through investment funds managed by Morgan Stanley Infrastructure Partners ("MSIP"), its private infrastructure investment platform, today announced it has entered an agreement to sell its 50% ownership stake in Larus Holding Limited, the 100% owner of Höegh Evi Ltd. ("Höegh Evi" or the "Company") to funds managed by Igneo Infrastructure Partners. Aequitas Limited ("Aequitas"), indirectly controlled by Leif O. Høegh and family trusts ("Høegh Family"), will retain its 50% ownership stake.
Höegh Evi is one of the leading owner-operators of Floating Storage and Regasification Units ("FSRUs") and Liquid Natural Gas Carrier ("LNGC") vessels globally. MSIP and the Høegh Family undertook a strategic realignment of Höegh Evi to enable its transition to provisioning clean energy infrastructure assets. Höegh Evi initiated the development of floating solutions for Carbon Capture and Storage ("CCS"), ammonia and hydrogen segments. Notably, the Company is on track to convert to the first hybrid FSRUs by 2028, enabling parallel imports of LNG and hydrogen, providing customers the flexibility to ensure supply security and affordability during the transition away from fossil fuels. In September 2024, the Company rebranded itself from Höegh LNG to Höegh Evi (Energy Vector Infrastructure) in recognition of its role in both the energy transition and a multi-energy source environment.
"Since acquisition, we have worked with Höegh Evi to further strengthen its position as a leader in the FSRU market, providing essential long-term LNG regasification capacity and enhancing critical energy security for countries around the world," said Alberto Donzelli, Managing Director and Co-Head of Europe for MSIP.
In partnership with the Høegh Family, a prominent Norwegian family that has pioneered the international shipping industry since 1927, MSIP successfully de-listed the Company from the Oslo Stock Exchange in May 2021 and took private the previously partially owned subsidiary Höegh LNG Partners LP from the New York Stock Exchange in September 2022.
"Höegh Evi is another example of how MSIP's ability to partner and collaborate with family shareholders provides differentiated sourcing capabilities that can create substantial value for our investors," said Markus Hottenrott, Chief Investment Officer for MSIP.
About Höegh Evi Ltd.
Höegh Evi is the vital link to secure transition-delivering fast, adaptable, and secure solutions that respond to countries' evolving energy needs. For 50 years, Höegh Evi has been a pioneer and global leader in floating energy infrastructure, with one of the world's largest fleets of FSRUs (floating storage and regasification units) for importing natural gas. Today, Höegh Evi is building the infrastructure needed to make the energy transition possible, with floating terminals for ammonia and hydrogen import, the world's first floating ammonia-to-hydrogen cracker, and services for carbon transport and permanent storage. Höegh Evi is a global company with a highly skilled global team of 900 employees at sea and onshore. To learn more, please visit www.hoeghevi.com.
About Morgan Stanley Infrastructure Partners
Morgan Stanley Infrastructure Partners ("MSIP") is a leading global private infrastructure investment platform with approximately $17 billion in assets under management since inception. Founded in 2006, MSIP has invested in a diverse portfolio of over 40 investments across transport, digital infrastructure, energy transition and utilities. MSIP targets assets that provide essential public goods and services with the potential for value creation through active asset management. For further information about Morgan Stanley Infrastructure Partners, please visit www.morganstanley.com/im/infrastructurepartners.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.6 trillion in assets under management or supervision as of September 30, 2024. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE:MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
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