The transaction involved the transfer of Puma ’s 19 infrastructure and storage assets, located in ten countries, to ITG Sàrl.
Under the deal signed earlier this year, Puma Energy agreed to offload a significant part of its infrastructure and storage business to ITG Sàrl.
The sale was part of Puma Energy’s efforts to simplify and strengthen its core business, reduce debt, and focus on high potential downstream markets.
Puma Energy CEO Hadi Hallouche said: “Today’s announcement is an important step as we deliver on a key strategic milestone. This will allow us to focus on our core downstream business, strengthen our balance sheet, and continue to invest in growth.”
Puma plans to divest further assets to ITG Sàrl by the second quarter of 2023. This will be subject to regulatory approvals.
The Swiss company said it will continue as a long-term customer of ITG Sàrl’s infrastructure and storage business.
It will also retain a network of smaller terminals and storage facilities to support its downstream business.
In a press statement, Puma said: “This main completion has resulted in a reduction of Puma Energy’s net debt [gross debt net of cash and cash equivalents] to approximately $850m on a pro forma basis, as of 30 June 2022.”
Last month, Puma Energy signed a deal to divest its Myanmar business to a local private company.