Canadian-based liquids infrastructure company, Gibson Energy has announced it has entered into an agreement to acquire 100% of the membership interests of South Texas Gateway Terminal, USA for a total purchase price of $1.1 billion (€1 billion).
Through the transaction, Gibson will acquire the South Texas Gateway Terminal liquids terminal and export facilities globally with direct pipeline connections to low-cost, long reserve-life resource supply, and very large crude carrier (VLCC) capabilities.
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Steve Spaulding, president and CEO says: ‘Since establishing Gibson as a leading liquids-focused infrastructure company, we have been looking for an opportunity that is a strategic fit, while enhancing our scale and diversity…I am excited to add the world-class South Texas Gateway Terminal to our infrastructure portfolio. This transaction amplifies our high-quality infrastructure revenues and bolsters the continued growth of our distributable cash flow per share.’
