Inter Pipeline Acquires European Storage Business; Strong 7.9% Yield in the Stock
No-moat Inter Pipeline agreed to acquire 9.1 million barrels of hydrocarbon storage from NuStar Energy for CAD 354 million. Management expects the transaction to close during the fourth quarter of 2018. Inter Pipeline will receive 321 storage tanks located in Amsterdam, Netherlands, and the United Kingdom. The deal increases Inter Pipeline’s storage capacity to 37 million barrels, and we expect it to add approximately CAD 40 million in incremental annual EBITDA.To finance the transaction, the c...
Inter Pipeline is engaged in the business of of petroleum transportation, bulk liquid storage and natural gas liquids (NGL) extraction through the ownership and operation of energy infrastructure assets in western Canada, the U.K., Denmark, Germany, Ireland and Sweden. Co. has four operating business segments that are reportable segments: the oil sands transportation business segment; the conventional oil pipelines business segment; the bulk liquid storage business segment; and the NGL extraction business segment.
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