First State enters agreement with Uniper for OLT Offshore liquefied natural gas (LNG) Toscana acquisition

Australian fund First State Investments has entered into an agreement with Uniper for the acquisition of a 48.2% stake in the OLT Offshore liquefied natural gas (LNG) Toscana.

First State Investments will purchase the stake in OLT for a total consideration of approximately EUR400 million (US$446.73 million) investment. The net proceeds are expected to be around EUR340 million (US$382 million) after adjustments. 

OLT develops and operates "FSRU Toscana", floating storage and regasification unit. The unit is moored about 22 kilometers from the Tuscan coast between Pisa and Livorno and has a maximum authorized regasification capacity of 3.75 billion cubic meters per year.

The deal is subject to the pending necessary approvals.