Vitol Inc. enters agreement to purchase a 100% interest in SemGroup Energy Partners G.P. L.L.C
Vitol Inc., part of the Vitol Group of companies (“Vitol”), today entered into an agreement with Manchester Securities Corp., an affiliate of Elliott Management Corporation, to purchase a 100% interest in SemGroup Energy Partners G.P., L.L.C., the general partner of SemGroup Energy Partners, L.P. (“SGLP”) and 12.6 million subordinated units in SGLP. Financial terms of the transaction were not disclosed and consummation of the purchase is subject to customary conditions and approvals.
The assets of SGLP include a crude oil storage terminal in Cushing, Oklahoma and associated pipeline facilities, other pipeline and gathering systems in Texas, Oklahoma, and Kansas, along with 46 asphalt terminal facilities located across 23 states in the U.S.
Commenting on the acquisition, Mike Loya, CEO of Vitol Inc, remarked: “We are pleased to have reached agreement for the acquisition of SemGroup Energy Partners G.P. Pending SGLP’s resolution of various outstanding legal matters, this acquisition will make an important addition to our expanding business in the USA, the world’s largest energy market.”
J.P.Morgan Securities Inc. acted as financial advisor and Vinson & Elkins L.L.P. served as legal counsel for Vitol with respect to the transaction.
Further details on the Vitol Group can be found on www.Vitol.com
For further information:
Qorvis, Washington DC:Don Goldberg +1 202-496-1000
Finsbury, London:Andrew Mitchell +44 207 251 3801