Campbell Acquires NGL's Towboat and Barge Fleet
Houston, Penn.-based Campbell Transportation Company, Inc. (CTC) on Monday announced it has signed a definitive purchase agreement to acquire the majority of the marine assets owned by NGL Marine, LLC, a subsidiary of Tulsa, Okla.-based NGL Energy Partners LP.The $111.65 million cash deal, which is expected to be finalized by the end of March, includes a fleet of 13 towboats and 25 tank barges that provide waterborne transportation of refined products and crude oil for customers on the Gulf Coast, NGL said. A majority of the fleet will go to Campbell, and another portion will go to an unnamed buyer.For Campbell, the acquisition marks another step forward in its strategic plan to diversify its marine business line, the company said in a statement.
NGL Energy, TransMontaigne End Talks on Acquisition Proposal
NGL Energy Partners LP and TransMontaigne Partners LP said on Friday they have terminated discussions on NGL's non-binding proposal to acquire the outstanding common units of TLP, according to a press release. The discussions were terminated after the Conflicts Committee of TransMontaigne GP LLC's Board of Directors reviewed the terms of NGL's non-binding proposal and determined the two parties would not be able to agree on the price to be offered to unitholders of TLP. The board's independent advisors held several discussions with NGL's representatives in the last month, the release stated. TransMontaigne GP LLC is the general partner of TLP. TransMontaigne Partners LP provides transport and storage of petroleum and refined products.
