American Petroleum Tankers Heads for Kinder Morgan
December 26, 2013
American Petroleum Tankers, which is owned by The Blackstone Group and Cerberus Capital Management, is being acquired by Kinder Morgan Energy Partners (NYSE: KMP) for $962 million in cash. The company had filed papers earlier this year to go public through a $172.5 million IPO but withdrew the plans in November. APT also found itself in the middle of a legal dispute in 2012 after it was denied a $340 million government loan guarantee from the U.S. Maritime Administration. Blackstone and Cerberus have backed the company since creating it through a $500 million joint venture in 2006.