NGL Energy Partners takes steps to acquire midstream operation

June 9, 2014 By    

NGL Energy Partners has entered into an agreement with affiliates of Morgan Stanley to acquire TransMontaigne Inc. for a cash purchase price of $200 million, including working capital, plus an additional amount for inventory transferred at the closing, the partnership announced. TransMontaigne is the owner of TransMontaigne GP LLC, the general partner of TransMontaigne Partners LP, a terminaling and transportation company based in Denver with operations along the Gulf Coast, in the Midwest, in Brownsville, Texas, along the Mississippi and Ohio River and in the southeastern United States. The deal includes the limited partnership units of TransMontaigne Partners LP held by Morgan Stanley, amounting to about 20 percent of the outstanding units, and certain entities associated with the TransMontaigne business as well as the related inventory and pipeline and other contract rights. The acquisition is anticipated to close in the third quarter.

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