Deals

Japan’s Mitsui OSK Buys Ardian-Backed LBC Tank for $1.7 Billion

The Mitsui OSK Lines container ship in Hong Kong, China. — The Mitsui OSK Lines container ship in Hong Kong, China.
Photographer: Paul Yeung/Bloomberg

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By Pamela Barbaglia, Vinicy Chan, and Cagan Koc

March 10, 2025 at 11:59 AM UTC

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Japanese shipping company Mitsui OSK Lines Ltd. agreed to acquire petrochemical storage operator LBC Tank Terminals, partly owned by French private equity firm Ardian SAS, for about $1.7 billion.

The transaction is in-line with Mitsui OSK’s plan to rebalance its portfolio to include more non shipping revenues, according to a statement on Monday. APG Asset Management and PGGM are also shareholders of LBC and have agreed to sell their stakes.