Kinder Morgan Energy Partners LP, a pipeline giant, announced it would buy two tanker companies from affiliates of Blackstone Group and Cerberus Capital Management in a deal worth at $962 million.
Houston-based Kinder Morgan Energy said Monday it would acquire American Petroleum Tankers and closely related State Class Tankers from private-equity firms Blackstone Group LP and Cerberus Capital Management LP for $962 million, as the energy pipeline and storage company expands its network into tankers.
American Petroleum Tankers, based in Plymouth Meeting, Pa., owns five ships that ferry crude oil and refined petroleum products between U.S. ports and make deliveries abroad to the U.S. military, in what is commonly referred to as the Jones Act trade.
State Class Tankers is an affiliated company that has commissioned construction of four new tankers from General Dynamic Corp.’s San Diego shipyard. The ships, which can haul as many as 330,000 barrels of oil, generally cost about $150 million apiece.
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