Inter Terminals has successfully closed the acquisition of NuStar Energy's European bulk liquid storage business for $270 million.
The acquisition increases Inter Terminals' storage capacity by 33% to 37 million barrels. Historically, NuStar Europe has generated stable cash flows underpinned by cost-of-service and fee-based contracts with a diverse range of customers.
The acquisition was funded by the net proceeds from a $200 million common share issuance that closed on November 7 and capacity available on parent company Inter Pipeline's revolving credit facility.
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