Morgan Stanley to sell TransMontaigne stake to NGL for $200M

|About: NGL Energy Partners LP (NGL)|By:, SA News Editor

NGL Energy Partners (NGL) agrees to acquire a 19.7% stake in oil storage, marketing and transportation company TransMontaigne (TLP) from Morgan Stanley for $200M.

The sale includes MS's general partner and limited partner interests in TLP, as well as related physical inventory and the assumption of MS's obligations under certain terminal storage contracts.

TLP's assets include 48 fuel terminals with nearly 24M barrels of storage capacity on the Gulf coast, in Florida, the midwest and across the southeast, some of them located along the strategically important Colonial Pipeline that ships gasoline and diesel from the Gulf to the east coast.