American Midstream Partners LP (AMID) has announced that it has entered into a definitive agreement for the sale of its refined products terminalling business to Sunoco LP, for approximately US$125 million in cash, subject to working capital adjustments.
The transaction is expected to close in 4Q18.
The divestiture of the refined products terminals, located in Caddo Mills, Texas and North Little Rock, Arkansas, US, is intended to reduce leverage, strengthen the partnership and simplify AMID's business profile while creating capital flexibility.
Closing of the sale of the terminals is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act.
Barclays acted as exclusive financial advisor and Sidley Austin LLP served as legal counsel to American Midstream for the transaction.