In addition, Blackwater Midstream has obtained a term sheet from JPMorgan Chase to finance the acquisition. The closing is expected to occur within 60 days. Blackwater Midstream is also currently pursuing its acquisition strategy in the mid-Atlantic and Northeast regional markets of the US.
Michael Suder, CEO and director of Blackwater Midstream, said: This acquisition fits Blackwater’s strategic plan on many levels. The experience that our management team has in the New Orleans storage terminal market will be a key factor in expanding the business portfolio at the Blackwater New Orleans facility.
