- NuStar Energy (NYSE:NS) agrees to acquire Navigator Energy Services, owner and operator of crude oil gathering, transportation and storage assets in the Permian Basin, for $1.475B.
- Navigator's assets include 500 miles of crude oil mainline transportation pipelines, a pipeline gathering system with 200-plus connected producer tank batteries capable of more than 400K bbl/day of pumping capacity, and 1M barrels of crude oil storage capacity.
- NS expects the purchase price, when coupled with modest future growth capex to build out the system, will result in a high single digit multiple as volumes ramp over time.