Acquisition of Navigator Energy Services, LLC

Energy
Acquisition of Navigator Energy Services, LLC

Summary

Baird served as financial advisor to the Conflicts Committee of the Board of Directors of NuStar GP Holdings, LLC

About

NuStar Energy L.P. (the “Partnership”) (NYSE: NS) recently completed the purchase of Navigator Energy Services, LLC (“Navigator”), a portfolio company of First Reserve Corporation, for $1.475 billion. The Partnership funded the acquisition through a combination of the net proceeds received from recently closed common and preferred unit and senior notes offerings. In conjunction with the acquisition, the Partnership’s general partner, NuStar GP Holdings, LLC (“NuStar Holdings”) (NYSE: NSH) provided for a waiver of quarterly distributions made to NuStar Holdings, as holder of the Partnership’s incentive distribution rights, attributable to any common units of the Partnership issued from the date of the acquisition through the end of the ten consecutive quarter period following the closing, subject to an aggregate cap.

NuStar Energy L.P., a publicly traded master limited partnership, is one of the largest independent liquids terminal and pipeline operators in the nation. The Partnership currently has more than 9,200 miles of pipeline and 81 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. The Partnership is based in San Antonio, Texas.

Navigator owns and operates crude oil transportation, pipeline gathering and storage assets located in the Midland Basin of West Texas consisting of more than 500 miles of crude oil gathering and transportation pipelines and approximately 1 million barrels of crude oil storage capacity. Navigator is based in Dallas, Texas.
CONTACT US TO LEARN MORE
Energy
Acquisition of Navigator Energy Services, LLC
Date
May 2017
Company
NuStar Energy L.P.
Transaction
M&A
Sectors
Energy
Target Location
North America
Acquiror Location
North America

Share