Excelerate to Buy New Fortress’ Jamaica Business for $1.055b

Excelerate Energy agreed to purchase New Fortress Energy’s business in Jamaica for $1.055 billion in cash.

• Excelerate will acquire the assets and operations of the Montego Bay LNG Terminal, the Old Harbour LNG Terminal and the Clarendon combined heat and power co-generation plant
• Excelerate plans to assume all material contracts currently in place
• Acquisition immediately accretive to earnings per share
• Purchase price is a 9x multiple of Jamaican business’ 2025E adjusted Ebitda
• Excelerate plans to fund purchase using a combination of permanent financing and cash-on-hand, backstopped with an $850m fully committed bridge facility
• New Fortress plans to use proceeds ...