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
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.