I Squared Capital, an independent global infrastructure investment manager, has entered into exclusive negotiations to acquire the remaining 55% stake in Rubis Terminal from Rubis SCA.

This will bring I Squared Capital’s ownership in Rubis Terminal to 100%.

The equity value of the 55% stake is €375m.

Rubis Terminal, a storage provider for bulk liquid and gas, boasts a capacity of four million cubic metres across key European locations.

The acquisition will boost I Squared’s position in the bulk liquid and gas storage industry.

It acquired a 45% stake in Rubis Terminal in January 2020.

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Since I Squared’s initial investment, Rubis Terminal has strategically acquired TEPSA in Spain, divested a terminal in Turkey, and invested nearly €150m in expanding its chemical and biofuel storage capacities.

These efforts have shifted Rubis Terminal’s revenue stream, with more than 70% now derived from sustainable products.

In a press statement, I Squared said: “Looking ahead, Rubis Terminal is well-positioned to play a key role in the energy transition with the ambition to serve as the go-to logistics provider to new energy developers.”

Expected to be completed by mid-year 2024, the contemplated transaction is subject to standard closing conditions including consultations with employee representative bodies, regulatory approvals and antitrust clearances.

I Squared Capital senior partner Mohamed El Gazzar said: “With facilities at the heart of some of the most important trading hubs in Europe, Rubis Terminal plays a critical role in supporting the energy transition and ensuring security of supply. This transaction underscores I Squared’s confidence in Rubis Terminal’s transition strategy and our commitment to its continued growth.”

Last year, the Economic Times reported that Mubadala Investment and multiple Japanese investors including Sumitomo were looking to buy a 30% stake in I Squared Capital’s natural gas distribution business in India.