Enterprise Products and Oiltanking Partners Complete Merger
13 Febrero 2015 - 10:49AM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD, “Enterprise”) and
Oiltanking Partners, L.P. (NYSE: OILT, “Oiltanking Partners”) today
announced the completion of the merger of Oiltanking Partners with
a subsidiary of Enterprise after Oiltanking Partners unitholders
approved the merger during a unitholder meeting held today in
Houston. Approximately 99.87 percent of the Oiltanking Partners
common units that voted were cast in favor of the merger, including
54,799,604 (approximately 66 percent of the outstanding Oiltanking
Partners common units) owned by Enterprise Products Operating LLC,
a wholly owned subsidiary of Enterprise. The total number of units
that voted in favor of the merger represents approximately 92.18
percent of Oiltanking Partners’ total outstanding common units as
of the record date. Excluding the units owned by Enterprise,
approximately 99.54 percent of the Oiltanking common units that
voted were cast in favor of the merger. The approval and adoption
of the merger agreement and the merger required approval by holders
of a majority of the outstanding Oiltanking Partners common units,
in accordance with the merger agreement and Oiltanking Partners’
partnership agreement.
Under the terms of the merger agreement, unitholders of
Oiltanking Partners (other than Enterprise and its subsidiaries)
are entitled to receive 1.3 Enterprise common units for each
Oiltanking Partners common unit. Cash will be paid to Oiltanking
Partners unitholders in lieu of any fractional units they otherwise
would have been entitled to receive in accordance with the merger
agreement. As a result of the merger, Oiltanking Partners is now a
wholly owned subsidiary of Enterprise and its common units will
cease trading on the New York Stock Exchange at the close of
business today. Enterprise common units will continue to trade on
the New York Stock Exchange under the ticker symbol “EPD.”
“The completion of this merger is a significant milestone for
our partnership,” said Michael A. Creel, chief executive officer of
the general partner of Enterprise. “Our ownership of Oiltanking
Partners provides new avenues for growth and adds important marine
terminals along the Texas Gulf Coast to our portfolio of assets.
The combination of Enterprise’s system of midstream assets and
Oiltanking Partners’ access to waterborne markets and crude oil and
petroleum products storage assets will extend and broaden our
midstream energy services business.”
On October 1, 2014, Enterprise completed the first step of a
two-step acquisition of Oiltanking Partners by paying approximately
$4.41 billion to Oiltanking Holding Americas, Inc. for the general
partner of Oiltanking Partners, the related incentive distribution
rights and approximately 66 percent of outstanding limited partner
units of Oiltanking Partners. With the completion of this second
step, total consideration paid by Enterprise for Oiltanking
Partners was approximately $5.9 billion.
Enterprise is one of the largest publicly traded partnerships
and a leading North American provider of midstream energy services
to producers and consumers of natural gas, NGLs, crude oil, refined
products and petrochemicals. Its services include: natural gas
gathering, treating, processing, transportation and storage; NGL
transportation, fractionation, storage and import and export
terminals (including liquefied petroleum gas or LPG); crude oil and
refined products transportation, storage and terminals; offshore
production platforms; petrochemical transportation and services;
and a marine transportation business that operates primarily on the
United States inland and Intracoastal Waterway systems and in the
Gulf of Mexico. Additional information regarding Enterprise can be
found on its website, www.enterpriseproducts.com.
This press release includes “forward-looking statements” as
defined by the U.S. Securities and Exchange Commission (the “SEC”).
All statements, other than statements of historical fact, included
herein that address activities, events, developments or
transactions that Enterprise and/or Oiltanking Partners expect,
believe or anticipate will or may occur in the future, including
anticipated benefits and other aspects of such activities, events,
developments or transactions, are forward-looking statements. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including,
without limitation, any approvals by regulatory agencies, the
possibility that the anticipated benefits from such activities,
events, developments or transactions cannot be fully realized, the
possibility that costs or difficulties related thereto will be
greater than expected, the impact of competition and other risk
factors included in the reports filed with the SEC by Enterprise
and Oiltanking Partners. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of their dates. Except as required by law, Enterprise and
Oiltanking Partners do not intend to update or revise their
respective forward-looking statements, whether as a result of new
information, future events or otherwise.
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812 or (866) 230-0745Investor RelationsorRick Rainey, (713)
381-3635Media Relations
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