Teekay LNG to become Seapeak

Written by Nick Blenkey
LNG carrier in Seapeak Livery

New corporate name: new stack insignia.

Teekay LNG Partners L.P. (NYSE: TGP) today reports that its previously announced acquisition by investment vehicles managed by New York City headquartered Stonepeak has completed.

With the $6.2 billion deal done, the partnership will rebrand as Seapeak. It intends to convert to a limited liability company during the first quarter of 2022 and says it will “launch a new organizational vision and identity, reflecting intentions to renew and grow its primary business of owning and operating LNG carriers, and to explore potential adjacencies.”

What those “adjacencies” may be, time will tell.

The partnerships common units, which trade on the New York Stock Exchange (“NYSE”) under the ticker symbol “TGP” will be suspended from trading today and delist from the NYSE within 10 days.

The partnership’s Series A and B preferred units, which trade on the NYSE under the ticker symbols “TGP PR A” and “TGP PR B”, respectively, will remain outstanding and continue to trade on the NYSE.

TK LNG is one of the world’s largest independent owners and operators of LNG carriers, providing liquefied gas services primarily under long-term, fee-based charters through its interests in 47 LNG carriers, 20 mid-size LPG carriers, and seven multi-gas carriers. Its ownership interests in these vessels range from 20 to 100 percent. In addition, it owns a 30 percent interest in an LNG regasification terminal.

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $43.5 billion of assets under management.

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