Riverstone agrees to buy International-Matex Tank Terminals from Macquarie

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Riverstone Holdings LLC announced that they have entered into a definitive agreement to buy International-Matex Tank Terminals (IMTT) from Macquarie Infrastructure Corporation for a total consideration of US$ 2.685 billion subject to customary closing adjustments.

Established in 1939, IMTT is an industry leader in the storage and handling of bulk liquid products that are used in the energy, industrial, consumer, and transportation industries. The Company operates 19 terminals and has a total storage capacity of approximately 48 MMbbls. IMTT's operations are concentrated in critical US economic hubs and underpinned by a diversified base of customers and products served, including large and growing positions in commodities other than petroleum products. Approximately one-third of the Company's storage capacity is in each of the New York Harbor and Lower Mississippi River. The balance of the Company's assets are spread across the US and Canada.

Closing is expected in late 2020 or early in 2021 and is subject to customary approvals and closing conditions. IMTT will retain its name and operate as a Riverstone portfolio company.

Jefferies LLC acted as exclusive financial adviser to Riverstone and provided committed debt financing in support of the transaction. Latham & Watkins LLP served as legal counsel to Riverstone.

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