Mitsui O.S.K. Lines (9104) M&A announcement summary

Deal rationale and strategic fit

• Adds LBC’s onshore liquid-chemical storage to chemical tanker, tank-container and small-lot shipping capabilities, creating an integrated chemical logistics service.

• Shared customers, coordinated sales and the global network are intended to strengthen customer relationships, reach new logistics demand and support expansion into Asia.

• Supports BLUE ACTION 2035’s shift toward stable-revenue and non-shipping businesses, with lower correlation to shipping markets.

• Extends onshore storage capabilities for next-generation energy supply chains, including ammonia and CO₂.

Financial terms and conditions

• Agreed acquisition of 100% of LBC for $1,715 million (¥260.5 billion); LBC is planned to become wholly owned.

• Sellers are Ardian (35.0%), PGGM (32.5%) and APG (32.5%); approximately 0.1% held by LBC Management Company II B.V. is also planned to be acquired.

• 2024 EBITDA was $142 million; run-rate EBITDA is expected to reach $208 million in a few years and exceed $300 million by 2030.

• LBC is projected to contribute more than ¥20 billion to consolidated pre-tax profit in FY2035, assuming completion.

• Planned capacity expansion supports an expected investment return of ~10% Equity IRR.

Synergies and expected cost savings

• Combining marine transport, terminal storage and tank-container services is intended to improve vessel-terminal cargo handling and offer flexible transport options.

• Joint approaches to overlapping customer segments aim to deepen relationships and support cross-service growth.

• Terminal expansions, tank-capacity increases and operating cost reductions support EBITDA growth.