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NGL Energy Partners LP announces completion of acquisition of TransMontaigne GP and Related Assets


Wednesday, 2 Jul 2014 08:00am EDT 

NGL Energy Partners LP:Says it has completed its acquisition from Morgan Stanley affiliates of TransMontaigne Inc., owner of TransMontaigne GP L.L.C., which is the general partner of TransMontaigne Partners L.P., master limited partnership which trades on the New York Stock Exchange under the symbol TLP and.Limited partnership interest of TransMontaigne Partners L.P. held by TransMontaigne Inc., amounting to about 17 pct of the outstanding units and.Limited partnership interest of TransMontaigne Partners L.P. held by affiliates of Morgan Stanley, amounting to approximately 3% 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 purchase of Morgan Stanley's energy business related to TransMontaigne was completed on a debt-free basis.For cash purchase price of $200 mln, including working capital, plus $347 mln for inventory transferred at the closing.Says transaction did not involve the sale or purchase of any of the LP units owned by the public.Connection with the acquisition, LCT Capital and UBS Investment Bank served as NGL's financial advisors and Winston & Strawn LLP served as NGL's legal counsel.