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NuStar Selling Texas City Terminals for $106M
San Antonio-based NuStar Energy L.P. has agreed to sell its terminals in Texas City to BWC Terminals for $106 million. The acquisition is expected to close in the fourth quarter of 2020, subject to the satisfaction of customary closing conditions.
“While the Texas City terminals are great assets with outstanding operations and employees, the location and unique configuration of these terminals are no longer synergistic with NuStar’s strategies for our other Gulf Coast assets,” said Brad Barron, president and CEO of NuStar.
He added, “For this reason, we determined that the best path forward for the continued success of these facilities and NuStar is to allow them to be acquired by an entity that can take advantage of the terminals’ niche petrochemical and petroleum capabilities. We are pleased that BWC Terminals has just such a business model.”
Barclays served as exclusive financial adviser to NuStar on the transaction.
Pictured: NuStar headquarters in San Antonio.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
