Americas News
Aegean Completes Acquisition of Hess Bunker Business
Aegean Marine Petroleum Network [NYSE:ANW] (Aegean) says it has completed the acquisition of Hess Corp. [NYSE:HES] (Hess)'s U.S. East Coast bunkering business.
With the deal, Aegean begins supplying bunkers in the U.S., and the company said it will allow it to "meaningfully expand its global full-service marine fuel platform" while increasing its exposure to U.S.-based cruise lines and other U.S. companies with a global presence.
The deal is valued at $30 million plus the value of the purchased inventory, and it includes about 250,000 cubic meters of leased tank storage.
"The completion of this acquisition marks another important milestone in Aegean's history," said Aegean President E. Nikolas Tavlarios.
"Our strategy to leverage our unique business model across geographies to accelerate profitable growth is continuing to deliver results."
Aegean first announced the deal, which involves Hess's former operations in New York, Philadelphia, Baltimore, Norfolk, and Charleston, last month.
