Vale S.A. has reached a definitive agreement with the private equity investment firm, Apollo, under which Apollo-managed affiliates, funds, and long-term investors will invest USD 600 mln to acquire a 50pct interest in a joint venture related to the Vale Oman Distribution Center (VODC).
VODC, which operates a maritime terminal in Sohar, Oman, features a deep-water jetty and an integrated iron ore blending and distribution center with a nominal capacity of 40 mln tons per year. Vale will retain full ownership of Vale Oman Pelletizing Company.
Apollo Partner Jamshid Ehsani commented, “We are pleased to offer a tailored, cost-effective capital solution to an affiliate of one of Latin America’s leading companies. This transaction reflects our strong momentum in corporate solutions and our capability to finance critical supply chain infrastructure. It also highlights our ability to provide clients with access to high-grade securities.” The transaction is anticipated to close in the second half of 2024, pending customary regulatory approvals.
