Deals - Acquisition, Mergers, Divestitures
BlueKnight Sells Oil Terminal & Pipeline Assets for $132 Million
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Blueknight entered into a definitive agreement to sell its crude oil terminalling segment to Enbridge for a purchase price of $132 million, excluding crude oil linefill and inventory. T
his segment includes approximately 6.6 million barrels of crude oil storage in Cushing, Oklahoma. The transaction is subject to Hart-Scott-Rodino review and closing is expected to occur within the next 60 days.
In addition, Blueknight entered into a separate definitive agreement to sell its crude oil pipeline business to subsidiaries of CVR Energy for a purchase price of $20 million, subject to customary adjustments and excluding crude oil linefill and inventory. This business includes 604 miles of crude oil pipeline and approximately 0.3 million barrels of related crude oil storage located primarily in Oklahoma. The transaction is subject to customary terms and conditions and closing is expected to occur within the next 45 days.
Consideration for crude oil linefill and inventory is estimated in accordance with market-based valuation formulas set forth in each of the respective agreements and is subject to change at closing.
Lastly, Blueknight entered into a definitive agreement to sell its crude oil trucking business to an undisclosed buyer, subject to customary adjustments.
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