Teekay LNG rallies on buyout deal with Stonepeak

Teekay LNG Partners L.P. shares are up nearly 9% to $17.05 after the shipping company said it agreed to be acquired by private equity firm Stonepeak for $17 per common unit, or $6.2 billion, including consolidated and proportionate joint venture net debt and $1.5 billion in common unit equity value. The price is a premium of 8.3% over the stock's closing price on Friday. The deal resulted from a strategic review by Teekay's board. Teekay Gas Group president and CEO Mark Kremin said the deal will give it improved access to competitively priced capital for both fleet renewal and potential growth. Stonepeak managing director James Wyper said the transaction will allow the firm to "invest in a critical energy transition infrastructure business." Teekay LNG currently ranks as the world's third largest independent LNG carrier owner and operator. The deal is expected to close by the end of the year and will result in the common units of Teekay LNG being delisted from the NYSE. Series A and B preferred units of Teekay LNG are expected to remain outstanding and continue to trade on the New York Stock Exchange. Shares of Teekay LNG are up 49% this year compared to a 14.2% rise by the S&P 500 . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Teekay LNG rallies on buyout deal with Stonepeak
Teekay LNG Partners L.P. shares are up nearly 9% to $17.05 after the shipping company said it agreed to be acquired by private equity firm Stonepeak for $17 per common unit, or $6.2 billion, including consolidated and proportionate joint venture net debt and $1.5 billion in common unit equity value. The price is a premium of 8.3% over the stock's closing price on Friday. The deal resulted from a strategic review by Teekay's board. Teekay Gas Group president and CEO Mark Kremin said the deal will give it improved access to competitively priced capital for both fleet renewal and potential growth. Stonepeak managing director James Wyper said the transaction will allow the firm to "invest in a critical energy transition infrastructure business." Teekay LNG currently ranks as the world's third largest independent LNG carrier owner and operator. The deal is expected to close by the end of the year and will result in the common units of Teekay LNG being delisted from the NYSE. Series A and B preferred units of Teekay LNG are expected to remain outstanding and continue to trade on the New York Stock Exchange. Shares of Teekay LNG are up 49% this year compared to a 14.2% rise by the S&P 500 . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.