Bracewell & Giuliani Represents Vopak in $158 Million Deal with Kinder Morgan
HOUSTON – Bracewell & Giuliani LLP is representing Vopak North America Inc., a wholly-owned subsidiary of Royal Vopak, in a binding agreement to sell three terminals and undeveloped land to a subsidiary of Kinder Morgan, Inc. (KMI) for $158 million.
The sale includes two terminals located in Wilmington, North Carolina, one in Galena Park, Texas, and undeveloped land located in Perth Amboy, New Jersey. The transaction is in line with Vopak’s business strategy announced on July 2, 2014, which included plans to divest approximately 15 terminals.
Dutch oil and chemical storage company, Royal Vopak, is the world’s largest independent tank storage company by capacity, specialized in the storage and handling of oil products, liquid chemicals and gasses. Vopak operates 80 terminals in 28 countries with a combined storage capacity of 34.0 million cbm, with another 6.1 million cbm under development.
The transaction is subject to customary closing conditions and is expected to close during the first quarter of 2015.
Bracewell attorneys involved in this transaction include:
Partners: W. Cleland Dade, Timothy A. Wilkins, Aaron P. Roffwarg, Daniel E. Hemli, Bruce R. Jocz, Robert S. Nichols, Lance W. Behnke
Counsel: Jacqueline R. Java
Associates: J. Lytch Tornow, Benjamin A. Fedorko, Mona M. Cannon