NGL Energy Partners LP submitted a non-binding proposal to the conflicts committee of the board of directors of TransMontaine GP LLC, the general partner of TransMontaigne Partners LP (TLP), in which each outstanding common unit of TLP would be exchanged for one common unit of NGL. The transaction would be structured as a merger of TLP with a wholly owned subsidiary of NGL Energy Partners.
In a letter to members of the conflicts committee, NGL Energy Partners CEO and director H. Michael Krimbill wrote, “We believe the proposed transaction provides substantial value and strategic merits to the unitholders of TLP with minimal execution risk.” Listed benefits included increased liquidity of the pro forma MLP, access to considerable capital to fund growth projects and increased distribution to TLP common unitholders.
The proposed transaction is subject to negotiation and execution of a definitive agreement, the approval of the TransMontaigne GP board of directors and conflicts committee and any requisite unitholder under applicable law.
Recommended Reading
Ithaca Deal ‘Ticks All the Boxes,’ Eni’s CFO Says
2024-04-26 - Eni’s deal to acquire Ithaca Energy marks a “strategic move to significantly strengthen its presence” on the U.K. Continental Shelf and “ticks all of the boxes” for the Italian energy company.
Deep Well Services, CNX Launch JV AutoSep Technologies
2024-04-25 - AutoSep Technologies, a joint venture between Deep Well Services and CNX Resources, will provide automated conventional flowback operations to the oil and gas industry.
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
Matador Hoards Dry Powder for Potential M&A, Adds Delaware Acreage
2024-04-24 - Delaware-focused E&P Matador Resources is growing oil production, expanding midstream capacity, keeping debt low and hunting for M&A opportunities.
Making Bank: Top 10 Oil and Gas Dealmakers in North America
2024-02-29 - MergerLinks ranks the key dealmakers behind the U.S. biggest M&A transactions of 2023.