Macquarie Infrastructure Co. LLC is buying the half of liquid storage provider International-Matex Tank Terminals that it does not already control for $1.03 billion in cash and stock, it said Monday.
Macquarie will pay $910 million in cash and $115 million in stock for IMTT, which has a facility in Bayonne among its 10 marine terminals, it said in a news release.
“Our acquisition of the remainder of IMTT represents a unique, strategic opportunity for investors, customers and employees of IMTT,” James Hooke, MIC’s CEO, said in the release. “We believe the acquisition will deliver dividend growth for shareholders of MIC and to further enhance our ability to drive operational improvement and growth investments at IMTT. In addition, we expect the acquisition will fortify MIC’s stable, largely contracted revenue based business model.”
MIC said in the release that it expects three members of the founding Coleman family to retire from IMTT: James Coleman, chairman; Thomas Coleman, CEO; and James O. Coleman, head of government relations. Hooke will serve as CEO, while Macquarie’s IMTT asset director, James May, will serve as CFO.
MIC acquired the first half of IMTT in 2006.
“We’re acquiring a business that we know from our involvement with it over the past eight years and, more importantly, a business with a strong foundation built over many years of stewardship on the part of the Coleman family,” Hooke said in the release. “We look forward to working with IMTT to accelerate its growth in part through increasing the amount of growth capital deployed into new projects.”
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