Morgan Stanley is selling its controlling stake in oil storage and transport company TransMontaigne Inc to NGL Energy Partners LP for $200 million, essentially ending its long run as the biggest physical oil trader on Wall Street.The long-awaited deal comes months after the bank announced its intent to sell most of its global physical oil trading operations to Russian state-run oil major Rosneft, including its 49 percent stake in shipping company Heidmar. .It is the latest sign of how growing regulatory pressure is reshaping commodity markets.NGL Energy Partners, an up-and-coming master limited partnership (MLP) that last year bought the oil trading division of privately held Gavilon, said an additional amount would be paid for inventory transferred at closing. The refined products held by TransMontaigne Inc could be valued at up to $550 million, a person familiar with the matter said.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.72% or $0.23/share to $32.18. In the past year, the shares have traded as low as $23.83 and as high as $33.52. On average, 11733000 shares of MS exchange hands on a given day and today's volume is recorded at 4892395.
Shares of NGL traded higher by 3.05% or $1.279/share to $43.20. In the past year, the shares have traded as low as $27.72 and as high as $42.24. On average, 172500 shares of NGL exchange hands on a given day and today's volume is recorded at 204128.
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