TEP make USD 350M acquisitions, growth projects
11 August 2017
Tallgrass Energy Partners, LP announced strategic acquisitions by its Terminals and Water Services businesses and several significant commercial deals that expand and strengthen its Pony Express crude oil pipeline position in the regions it serves. Since the Company’s Q1 2017 earnings call on May 2, Tallgrass Energy has now announced or completed acquisitions and growth projects of approximately USD 350M.
Tallgrass Terminals, LLC recently acquired an additional 49% interest in the Deeprock Development crude oil terminal at Cushing, Oklahoma, increasing its total membership interest to 69%, for a purchase price of approximately USD 70M.
Tallgrass subsidiary BNN Water Solutions, LLC recently acquired a 63% interest in an entity that owns freshwater facilities in Weld County, Colo., for USD 7M, with a commitment to invest up to an additional approximately USD 10.5M in the system over the next few months.
Tallgrass Terminals has a signed, 10-year take-or-pay agreement from a new customer to support the construction of a new terminal in the Central Kansas Uplift.
Pony Express and Tallgrass Terminals expect to invest approximately USD 145M in total capital for the construction of the Platteville Extension, Grasslands Terminal.