Blueknight Energy Partners has acquired nine asphalt terminals from Ergon Asphalt & Emulsions for $108.8 million.
The nine acquired terminals are in Kansas, Texas, Arizona, Alabama, Tennessee and Mississippi and include approximately two million barrels of storage capacity.
Blueknight has also entered into a seven year storage, throughput and handling agreement with Ergon. Under the terms of the agreement, Blueknight will provide storage and terminalling services at the nine terminals in exchange for the payment of certain fees by Ergon.
In addition, Ergon has also completed the acquisition of Blueknight’s general partner.
Blueknight CEO Mark Hurley says: ‘We are excited to announce the completion of this transaction. It is a transformative event for Blueknight and is anticipated to result in immediate and long-term growth for our unitholders.’