Mitsui & Co to buy out partner in ITC Rubis venture for EUR135 million

3rd April 2025 01:17

(Alliance News) - Mitsui & Co Ltd on Thursday said it signed an agreement to acquire additional shares of its joint venture company ITC Rubis Terminal Antwerp NV, turning the business into a wholly owned subsidiary.

The Tokyo-based conglomerate has resolved to buy the remaining 50% stake in ITC Rubis that it does not currently hold for an estimated acquisition cost of EUR135 million.

ITC Rubis is an Antwerp, Belgium-based tank terminal business focused on liquid chemicals.

Mitsui founded ITC Rubis in 2008 as an equal joint venture in partnership with Rubis Terminal Infra SAS, now known as Tepsa Infra SAS, a liquid storage infrastructure company based in Paris.

"Operations began in 2010, and business has since expanded by leveraging the strategic location of Antwerp, Belgium, a key chemical logistics hub in Europe. Storage capacity is currently approximately 300,000 [cubic metres]," Mitsui commented.

Additionally, Mitsui intends to underwrite a EUR37 million loan from Tepsa to ITC Rubis.

The transaction is expected to close in the financial year ending March 2026, subject to regulatory approvals.

Mitsui & Co shares closed down 1.3% at JPY2,788.00 each in Tokyo on Wednesday.

By Elijah Dale, Alliance News reporter

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