NGL Energy to buy pipeline company Gavilon for $890 mn
07 Nov 2013
US propane gas supplier NGL Energy Partners yesterday struck a deal to buy pipeline company Gavilon LCC, for $890 million.
Oklahoma-based NGL Energy has reached a definitive agreement to acquire all of the equity interests of Gavilon, the diversified midstream energy business owned by funds managed by Ospraie Management, General Atlantic and Soros Fund Management.
The cash purchase price of $890 million, includes approximately $200 million of working capital.
Gavilon operates integrated crude oil storage, terminal and pipeline assets located in Oklahoma, Texas and Louisiana, along with crude oil and refined products supply, marketing and logistics business.
Gavilon's crude oil assets include a 50-per cent interest in Glass Mountain Pipeline, 4.14 owned and 3.85 leased million barrels of storage in Cushing, Oklahoma, a marine terminal and nine truck terminals including more than 22 lease automatic custody transfer units.
Gavilon also leases a network of over 200 trucks, 350 railcars and 8 barges to transport crude oil for customers and markets and supplies refined products and natural gas liquids through a network of more than 300 distribution terminals across 39 states.
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