NGL Energy Partners LP (NYSE:NGL) announced today that it has entered
into a definitive purchase agreement with affiliates of Morgan Stanley
to acquire (i) TransMontaigne Inc., the owner of TransMontaigne GP
L.L.C., the general partner of TransMontaigne Partners L.P., a master
limited partnership that trades on the New York Stock Exchange, (ii) the
limited partnership units of TransMontaigne Partners L.P. held by Morgan
Stanley, amounting to approximately 19.7% of the outstanding units, and
(iii) certain entities associated with the TransMontaigne business as
well as the related inventory and pipeline and other contract rights.
The definitive agreement contemplates the purchase of Morgan Stanley’s
energy business related to TransMontaigne on a debt-free basis for a
cash purchase price of $200 million, including working capital, plus an
additional amount for inventory transferred at the closing.
The consummation of the transaction is subject to customary closing
conditions, including the expiration or termination of the waiting
period under the Hart-Scott-Rodino Act. The acquisition is anticipated
to close in the third quarter of 2014. The transaction does not involve
the sale or purchase of any of the LP units owned by the public.
About TransMontaigne Partners L.P.
TransMontaigne Partners L.P. is a terminaling and transportation company
based in Denver, Colorado with operations along the Gulf Coast, in the
Midwest, in Brownsville, Texas, along the Mississippi and Ohio River and
in the Southeastern United States. TransMontaigne Partners L.P. provides
integrated terminaling, storage, transportation and related services for
companies engaged in the distribution and marketing of light refined
petroleum products, heavy refined petroleum products, crude oil,
chemicals, fertilizers and other liquid products. Light refined products
include gasolines, diesel fuels, heating oil and jet fuels; heavy
refined products include residual fuel oils and asphalts. TransMontaigne
Partners L.P. does not purchase or market products that it handles or
transports.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL owns and
operates a vertically integrated energy business with four primary
businesses: water services, crude oil logistics, NGL logistics and
retail propane. NGL completed its initial public offering in May 2011.
For further information, visit the Partnership’s website at www.nglenergypartners.com.
In connection with the proposed acquisition, LCT Capital and UBS
Investment Bank are serving as NGL’s financial advisors and Winston &
Strawn LLP is serving as NGL’s legal counsel.
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20140609005411r1&sid=ntxv4&distro=nx&lang=en)
Copyright Business Wire 2014