Pipeline company Enterprise Products Partners LP said it has acquired a 64.7 percent limited partner interest in crude storage provider Oiltanking Partners LP as well as a 2 percent general partner interest for $4.41 billion. The deal will help Enterprise Products build its liquefied petroleum gas export business.Oiltanking Partners owns marine terminals on the Houston Ship Channel and the Port of Beaumont, Texas with a total of 12 docks and storage capacity for about 24 million barrels of oil and petroleum products on the Gulf Coast.Enterprise paid $2.21 billion in cash and 54.8 million Enterprise units. The company also paid $228 million to assume notes receivable issued by Oiltanking Partners.
Enterprise Products Partners L.P. (Enterprise) owns and operates natural gas liquids (NGLs) related businesses of Enterprise Products Company (EPCO). Shares of EPD remained unchanged at $40.30. In the past year, the shares have traded as low as $14.78 and as high as $41.38. On average, 3389180 shares of EPD exchange hands on a given day and today's volume is recorded at 5753.
Oiltanking Partners, L.P. (OTLT) is engaged in the terminaling, storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas. Shares of OILT remained unchanged at $49.59. In the past year, the shares have traded as low as $26.20 and as high as $54.95. On average, 75823 shares of OILT exchange hands on a given day and today's volume is recorded at 2900.
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