Mitsui O.S.K. Lines (TYO:9104) will acquire 100% of LBC Tank Terminals Group Holding Netherlands Coöperatief U.A., a major independent tank terminal operator handling chemicals in Europe and the US, according to a Monday filing on the Tokyo Stock Exchange.

Financial terms were not disclosed.

LBC operates seven terminals in Antwerp, Rotterdam, Houston, Freeport, and Baton Rouge, with a total capacity of about 3 million cubic meters.

The acquisition gives Mitsui onshore storage capabilities, enhancing its chemical logistics business alongside its chemical tanker and container operations. Mitsui expects the deal to yield a roughly 10% equity internal rate of return.

Mitsui said the acquisition supports its "Blue Action 2035" plan to diversify from shipping into more stable revenue streams. LBC and eight of its subsidiaries will become specified subsidiaries of Mitsui, as their capital exceeds 10% of the company's total capital.

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