Vitol to acquire SGLP's general partner

Fri. October 09, 2009; Posted: 09:36 AM

Oct 09, 2009 (Datamonitor via COMTEX) -- SGLP | Quote | Chart | News | PowerRating -- SemGroup Energy Partners LP, or SGLP, has said that it has been informed that Vitol has entered into an agreement with Manchester Securities, an affiliate of Elliott Management, to purchase 100% of the membership interests of SemGroup Energy Partners GP, SGLP's general partner, and SGLP's subordinated units.

Because the deal is a private transaction, financial terms were not disclosed. The agreement is subject to a number of customary closing conditions and approvals, including consent from SGLP's lenders under its credit facility.

Vitol is the principal US subsidiary of the Vitol Group. Vitol is engaged in the physical supply and distribution of crude oil, petroleum products, coal, natural gas, and other commodities.

Kevin Foxx, president and CEO of SGLP's general partner, said: "We want to express our thanks and appreciation to Manchester, which has provided us a tremendous amount of support and leadership throughout the past 15 months.

"We are also pleased that Manchester has reached agreement with Vitol, one of the largest independent energy companies in the world. We believe our assets can be a great fit into Vitol's US business model and we look forward to working with them and growing our business."

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