U.S.-based oil pipeline and terminal company TransMontaigne Partners LP has agreed to merge with TLP Finance Holdings LLC, an indirect unit of energy infrastructure company ArcLight Energy Partners Fund VI, L.P.
Under the merger pact, TLP Finance plans to buy all of the outstanding common units of TransMontaigne not already held by TLP’s direct parent, TLP Acquisition Holdings LLC, at a price of $41 per common unit for approximately $536 million.
The deal is expected to close in the first quarter of 2019, subject to satisfaction of certain conditions, including the approval of the merger.
In addition, TransMontaigne Partners’ unitholders will receive regular quarterly distributions of $0.805 per unit with respect to any completed quarter prior to the closing.