Maersk sells LNG unit to Teekay, Marubeni

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BANGALORE, Oct 12 (Reuters): Global maritime transport group Teekay LNG and Japanese trading company Marubeni Corp have agreed to buy Danish shipping group A.P. Moller-Maersk's liquefied natural gas (LNG) shipping unit. The firms said in separate statements Wednesday the deal was valued at $1.4 billion. Teekay and Marubeni had announced a joint bid for the business, which owns and operates six LNG vessels and has a stake in two more, on Oct. 5. "As Maersk LNG is not within those core business areas where the group intends to invest, the conclusion is that Maersk LNG would benefit from a different ownership," Maersk said. The deal is subject to customer consents and regulatory approval and is expected to be completed during the fourth quarter, it said. Teekay said the joint venture with Marubeni had secured loan facilities totalling $1.12 billion to finance the deal.