Adani Group is among potential buyers evaluating Rotterdam-based energy storage company VTTI in a process that could value it at about €3 billion ($3.4 billion), Bloomberg reported Wednesday, Oct. 28.
Bloomberg based its report on unnamed people familiar with the discussions. It said Adani was one of several groups considering VTTI, but the talks might not result in a transaction. The report did not specify whether the potential valuation referred to equity or enterprise value.
Neither VTTI nor Adani had publicly confirmed the reported sale process as of Oct. 29. The VTTI news archive and Adani Enterprises’ corporate announcements page did not list a confirmation at that point. Bloomberg said VTTI, IFM and Abu Dhabi National Oil Company (ADNOC) declined to comment. It reported that Adani had not immediately responded and that Vitol did not immediately comment.
Bloomberg also reported that ADNOC was considering a full exit from its 10% stake, while IFM Global Infrastructure Fund and Vitol might reduce their holdings. VTTI’s shareholder page lists IFM and Vitol with 45% each and ADNOC with 10%. The potential stake sales have not been confirmed by the shareholders.
VTTI says its terminal network reaches 16 countries on five continents and has storage capacity of 9.1 million cubic meters. The company stores, blends and processes products before moving them by ship, train, truck or pipeline. Its listed products include crude oil, liquefied petroleum gas, chemicals, biofuels and sustainable aviation fuel.
Bloomberg said discussions were continuing but gave no timetable for a decision. Its report said the process could end without a sale.
