Macquarie Infrastructure Company Wholly Owns IMTT
Macquarie Infrastructure Company (MIC) informs it has successfully completed the acquisition of the 50% of International-Matex Tank Terminals (IMTT) it did not already own. MIC acquired IMTT from members of the business’ founding family, and it is now the largest component of MIC's portfolio.
Headquartered in New Orleans, LA, IMTT is owns and operates marine bulk liquid storage terminals at 12 locations in the U.S. and Canada. IMTT is now the largest business in the New York City based MIC portfolio.
MIC paid a total of $1025.0 million in cash MIC stock, not including transaction related expenses, for the second half of IMTT. MIC acquired a 50% stake in the business in April of 2006. The transaction closed on July 16, 2014.
MIC announced its intention to acquire the remainder of IMTT on July 7, 2014. In connection with the acquisition, the Company completed concurrent public offerings of approximately $665.0 million in additional shares and $305.0 million in convertible debt on July 9, 2014.
“Our near term focus will be on implementing policies and processes similar to those already in place at our other businesses,” said Hooke. “While we are doing that we will be looking for additional opportunities in which to deploy growth capital at IMTT, focusing first on the growth in the petro-chemical industry along the Lower Mississippi River.”
About Macquarie Infrastructure Company
MIC owns, operates and invests in a diversified group of infrastructure businesses providing basic services to customers in the United States.
www.macquarie.com/mic
