Macquarie Infrastructure Company (NYSE:MIC) announced that 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.
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.
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 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 Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses providing basic services to customers in the United States. Its businesses consist of a gas processing and distribution business, Hawaii Gas, a bulk liquid terminals business, International-Matex Tank Terminals and several entities comprising a Contracted Power and Energy segment. MIC also owns and operates an airport services business, Atlantic Aviation. The Company is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic. MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC.
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