4. Purchase price allocation On October 1, 2015, the Partnership closed the acquisition of 100 % of the shares in Hoegh LNG FSRU III Ltd., a Cayman Islands company, that indirectly owns the Hoegh Gallant, for a total consideration of $ 194.2 million. The Hoegh Gallant was constructed by HHI and was delivered to Hoegh LNG in November 2014. In April 2015, the Hoegh Gallant began operating under a charter that expires in 2020 with EgyptCo. EgyptCo has a charter with EGAS that expires in April 2020. Additionally, Hoegh LNG and the Partnership have entered into an option agreement pursuant to which the Partnership has the right to cause Hoegh LNG to charter the Hoegh Gallant from the expiration or termination of the EgyptCo charter until July 2025 at a rate equal to 90 % of the rate payable pursuant to the current charter with EgyptCo, plus any incremental taxes or operating expenses as a result of the new charter. The purchase price consisted of the cancellation of the $ 140 million interest-bearing demand note due from Hoegh LNG, the issuance of a sellers credit note of $ 47 million and the establishment of a liability for a working capital adjustment of $ 7.2 million. Pursuant to the partnership agreement, the general partner has irrevocably delegated to the Partnerships board of directors the power to oversee and direct the operations of, manage and determine the strategies and policies of the Partnership. Four of the seven board members were elected by the common unitholders at the Partnerships first annual meeting of unitholders. As a result, Hoegh LNG, as the owner of the general partner, does not have the power to control the Partnerships board of directors or the Partnership, and the Partnership is not considered to be under the control of Hoegh LNG for US GAAP purposes. Therefore, the sale of 100 % interests in a business from Hoegh LNG to the Partnership is a change of control. As a result, the acquisition of Hoegh LNG FSRU III Ltd. was accounted for under the purchase method of accounting. Under this m