Twelve Seas to buy U.A.E.’s Brooge Petroleum for $1 billion

CAIRO (Bloomberg) — Twelve Seas Investment Co. agreed to acquire Brooge Petroleum & Gas Investment Co. in a deal valued at about $1 billion.

Brooge is an oil storage and services business based in the United Arab Emirates. Twelve Seas expects the acquisition to be completed this year at the end of the second quarter or early in the third quarter, according to a statement.

Brooge was founded in 2013 with storage assets in the U.A.E. port of Fujairah. Upon completion of the deal, the company will continue to be led by its current management team including CEO Nicolaas Paardenkooper, and its headquarters will remain in Fujairah.

Brooge plans to increase its storage capacity to 1 million cubic meters by late in the second quarter or early in the third quarter of 2020.