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$VLP,...Valero Energy Partners acquire terminals from Valero in $671M deal

Valero Energy Partners (NYSE:VLP) agrees to acquire two terminal businesses from Valero Energy (NYSE:VLO) for total consideration of ~$671M; VLP shares are halted.

The assets, located at the Houston Ship Channel and on the Mississippi River in Louisiana, consist of storage tanks with a combined 13.6M barrels of storage capacity.

Upon closing, VLP will enter into 10-year terminaling agreements with the VLO subsidiaries.

VP expects the acquired businesses to contribute ~$75M of EBITDA in their first full year of operation.