• The Dragon LNG (Dragon) terminal is a state of the art LNG receiving, storing and regasifying facility based in Waterston, Milford Haven, Pembrokeshire. One of just three such terminals in the UK, Dragon forms a critical part of the nation’s energy infrastructure, providing a link between the UK and its overseas gas suppliers for a vital source of clean and reliable energy
  • The facility’s maximum throughput capacity represents 10% of the UK’s total. The terminal’s position on the coast and jetty infrastructure allows deliveries by sea, with large vessels able to offload at all tides and hours


  • DC Advisory (DC) was mandated as M&A advisor by Ancala to acquire the asset. DC has a strong knowledge of the midstream and storage sector, having previously advised on various transactions in the space
  • DC ran a focused transaction process engaging across a number of detailed work streams including:
    • Process, financing, strategy and bid tactics;
    • due diligence coordination;
    • business plan review;
    • financial modelling and valuation;
    • support in negotiations with the sellers, and;
    • advice on transaction documentation including SPA and the shareholders’ agreement.


  • DC ensured all work streams were successfully completed within a challenging timeframe, while maintaining an entirely confidential process
  • On 2 July 2019, Ancala closed the acquisition of a 50% equity stake in Dragon from Petronas
  • The transaction adds to Ancala’s strong track record in the midstream and gas distribution sector