Inter Pipeline announces closing of NuStar Europe acquisition
Inter Pipeline announced that its European storage subsidiary, Inter Terminals Ltd., has successfully closed the acquisition of NuStar Energy, L.P.’s European bulk liquid storage business, NuStar Europe, for $270m.
The acquisition increases Inter Terminals storage capacity by 9.1 million barrels, or 33 percent, to approximately 37 million barrels. Historically, NuStar Europe has generated stable cash flow underpinned by cost-of-service and fee-based contracts with a diverse range of customers.
The acquisition was funded by the net proceeds from a $200m common share issuance that closed on November 7, 2018 and capacity available on Inter Pipeline’s revolving credit facility.
For more information visit www.interpipeline.com
3rd December 2018