Good News!
Blackwater Midstream Corp. Announces Agreement to be Acquired by an Affiliate of ArcLight Capital Partners, LLC
Today : Friday 29 June 2012
Blackwater Midstream Corp. (OTCBB:BWMS) (“Blackwater” or the “Company”), a company that specializes in the development and management of third party petroleum, chemical and agricultural bulk liquid storage terminals, with operations in Louisiana, Maryland and Georgia, announced today that it has entered into a definitive agreement to be acquired by an affiliate of ArcLight Capital Partners, LLC (“ArcLight”), an energy-focused private equity investment firm, for approximately $44.1 million. Under the terms of the agreement, holders of Blackwater’s common stock will receive $0.64 per share in cash for each outstanding share of common stock they own. The holders of convertible notes will also be entitled to receive cash consideration based on the number of shares of common stock into which the notes are convertible. Taking into account the Company’s indebtedness, the implied transaction value is approximately $48.7 million. Upon consummation of the merger, Blackwater’s common stock will no longer be publicly owned or publicly traded.
Under the terms of the agreement, upon consummation of the transaction, Blackwater’s stockholders will receive $0.64 per share, a premium of 29.4% over the average closing share price of $0.49 during the last 30-days ending June 28, 2012 and a premium of 32.1% over the average closing share price of $0.48 over the three-month period ending June 28, 2012.
