San Antonio-based NuStar Energy LP plans to leave Europe, having agreed to sell all its assets there for $270 million amid continued shifts in equity capital markets and a renewed focus on domestic projects.
NuStar (NYSE: NS) confirmed Tuesday morning that it intends to sell its European terminals and related assets to Inter Terminals Ltd., the storage subsidiary of Calgary, Canada-based Inter Pipeline Ltd. The facilities include six liquids storage terminals in the United Kingdom and one facility in Amsterdam. The deal is expected to close in fourth quarter 2018.
“The decision to sell our European operations was difficult, given that they are such high-quality assets with such outstanding employees,” NuStar Energy CEO Brad Barron said in a statement. “However, our European assets are not synergistic with our other operations, and this divestiture is a critical step in the implementation of a comprehensive plan launched earlier this year.”
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