The assets of the combined partnership, which retains the name Valero L.P. and has an enterprise value of more than $4 billion, include approximately 9,150 miles of pipeline comprised of approximately 6,350 miles of refined product pipelines, 800 miles of crude oil pipelines and a 2,000-mile anhydrous ammonia pipeline.
The partnership also owns 94 terminal facilities and four crude oil storage tank facilities located in 25 US states, Canada, Mexico, the Netherlands Antilles, the Netherlands, Australia, New Zealand and the UK. The system has approximately 77.6 million barrels of storage capacity.
As part of the transaction Valero also acquired all of Kaneb Services’ equity securities for $43.31 cash per share and converted Kaneb Partners’ units to Valero units at an exchange ratio of 1.0231 Valero units for each Kaneb unit.
We’re excited to complete this acquisition, which brings together two of the best pipeline and terminal operators in the country to form one of the premier mid-stream logistics partnerships in the world, said Curt Anastasio, president and CEO of Valero.
