ArcLight Capital Affiliate to Acquire Blackwater Midstream
July 02, 2012
Blackwater Midstream (OTCBB: BWMS) has entered into a definitive agreement to be acquired by ArcLight Capital Partners via one of its affiliates for $44.1 million, valuing the company at $48.7 million with its indebtedness. Blackwater develops and manages bulk liquid storage terminals for the petroleum, chemical and agricultural industries, making it a natural target for the energy-focused ArcLight Capital. Under the terms of the deal, which is expected to close in 4Q 2012, Blackwater shareholders will receive $0.64 per share, a 32.1% premium over the stock’s average closing price during the last three months.