Seward & Kissel LLP represented Sargeant Marine, Inc. in connection with its sale to Vitol of its 50% stake in the global asphalt trading company VALT, the joint venture it established with Vitol in 2016.
Valt is a global asphalt trading, storage and transportation company that provides logistical solutions to deliver asphalt to its customers worldwide. The company has hubs in Geneva, Houston, London and Singapore, and operates one of the world’s largest ISO asphalt container fleets. Vitol is an energy and commodities company whose primary business is the trading and distribution of energy products globally. It trades over seven million barrels of crude oil and products daily and, at any time, has 250 ships transporting its cargoes.
Upon completion of the transaction, VALT will be 100% owned by Vitol and will be integrated into Vitol’s core trading business.
The transaction was announced on March 18, 2019 and closed in May 2019.
