TransMontaigne announces approval of merger with ArcLight
Published by Elizabeth Corner,
Senior Editor
World Pipelines,
TransMontaigne Partners L.P. announced that at the special meeting of the Partnership’s common unitholders held yesterday, the Partnership’s unitholders voted to approve the previously announced merger of the partnership and an indirect subsidiary of ArcLight Energy Partners Fund VI, L.P., pursuant to the Agreement and Plan of Merger dated November 25, 2018, between the Partnership, TLP Finance Holdings, LLC and certain other related parties thereto, with the partnership surviving as a wholly owned subsidiary of an affiliate of ArcLight Energy Partners.
Approximately 97.2% of the partnership’s common unitholders represented in person or by proxy at the special meeting voted in favour of the Merger Proposal, which represented approximately 62.7% of the partnership’s total outstanding common units as of January 28, 2019, the record date for the special meeting.
Pursuant to the merger agreement, the purchaser acquired all of the outstanding common units of the partnership not already held by the purchaser’s direct parent, TLP Acquisition Holdings, LLC or its affiliates, including ArcLight, at a price of US$41 per common unit.
The Partnership also announced today that all conditions required to complete the merger under the terms of the merger agreement have been satisfied and all necessary filings have been made for the transaction to take effect on February 26, 2019.
TransMontaigne Partners L.P. is a terminalling and transportation company based in Denver, Colorado with operations in the USA along the Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the Mississippi and Ohio Rivers, in the Southeast and on the West Coast. It provides integrated terminalling, storage, transportation and related services for customers engaged in the distribution and marketing of light refined petroleum products, heavy refined petroleum products, crude oil, chemicals, fertilizers and other liquid products.
Read the article online at: https://www.worldpipelines.com/business-news/28022019/transmontaigne-announces-approval-of-merger-with-arclight/
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