World News
Buckeye to Acquire 50% Share of VTTI
The Vitol Group (Vitol) Tuesday announced that Buckeye Partners, L.P. (Buckeye) has signed an agreement to acquire a 50 percent share of VTTI BV, VTTI Energy Partners LP (VTTI) for $1.15 billion.
As a result of the deal, VTTI will be owned indirectly through a 50/50 split between Buckeye and Vitol.
"It is intended that the joint shareholding of Buckeye and Vitol will add greater strategic value to VTTI and will further strengthen VTTI's position as a leading independent provider of energy storage solutions," explained Vitol.
The deal is said to provide Buckeye access to VTTI's significant international footprint, and will give Buckeye and Vitol equal VTTI board representation and voting rights.
"We are looking forward to our cooperation with Buckeye, and we believe that their industry expertise and experience will offer great value to VTTI," said Rob Nijst, CEO of VTTI.
"Through this transaction, VTTI will have two strong shareholders that will support VTTI's continued growth as an independent global terminal operator."
The transaction is noted to be still subject to regulatory approvals and closing conditions, with a closing date expected in early January 2017.
Last year, Vitol, through its Vitol Investment Partnership Limited's (VIP) investment vehicle, completed its own purchase of the remaining half of VTTI.
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