These assets include 12 natural gas liquids terminals in the US, with over 12 million gallons of above ground propane storage, about 3.7 million barrels of underground leased storage for natural gas liquids, and a rail fleet of about 350 leased and 12 owned cars.
At closing, NGL will issue about 8.95 million common units to SemStream and will pay up to a maximum of $100m in cash.
The transaction, which is expected to close in the fourth quarter of 2011, is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.
In addition, SemStream will acquire an interest in the general partner of NGL and it will have the right to appoint two members to the board of directors of the general partner.
