- Blueknight Energy Partners (NASDAQ:BKEP) says Ergon Asphalt & Emulsions agrees to acquire all membership interests of Blueknight GP Holding, which owns 100% of the outstanding membership interests of BKEP's general partner.
- Ergon also agrees contribute nine asphalt terminals it currently owns plus $22M in cash to BKEP in return for ~$131M in preferred units and $5M in common units; BKEP also will repurchase ~13.335M preferred units currently owned by Blueknight Energy Holding and CB-Blueknight for $95.3M.
- Once the deals have closed, BKEP will own a network of 54 asphalt terminals in 26 states with a combined capacity of 10.2M barrels of asphalt and residual fuel oil storage.