Dec 21 Private equity investor EQT said it would buy bulk liquid storage provider Westway Group Inc for about $419 million, a year after the company spurned a similar buyout bid.
Westway has also agreed to sell its liquid feed supplement business and certain bulk liquid storage terminals to an affiliate of ED&F Man Holdings Limited, the company's largest stockholder, for about $115 million.
Last year, Westway Group rejected a $6 per share buyout offer from an infrastructure investment fund saying the offer undervalued its main business.
The company's main unit, Westway Terminals business, provides bulk liquid storage for agricultural products, oils, and chemicals, in North America, Asia and Europe.
EQT is a private equity group in Northern Europe with over 19 billion euros ($25 billion)in raised capital.
Westway will be bought out by EQT Infrastructure II fund. EQT Infrastructure II is the second fund within the private equity investor's infrastructure investment strategy.