Arc Logistics is set to become a wholly owned subsidiary of Zenith U.S. after Zenith purchases the company for $16.50 a share.
President and Chief Executive Officer of the Zenith businesses, Jeff Armstrong said: “We are very excited to build a platform enabling us to enter the U.S. terminaling market, and very pleased to combine with Arc Logistics in this transformative transaction that will significantly increase the Zenith group of companies’ footprint, expanding our scope of services to our combined customers worldwide. Arc Logistics’ diversified portfolio of logistics assets serves critical links between supply and demand locations in the U.S., and we intend to further develop their existing terminals as well as pursue new developments throughout North America. Together we look forward to developing a world-class midstream asset operator with long-term growth opportunities.”
With headquarters in Houston, Zenith is an international liquids and bulk terminaling company that owns and operates more than 15 million barrels of crude oil and petroleum products storage in Amsterdam, Ireland and Colombia. Zenith is pursuing opportunities to buy, build and operate terminals primarily in Latin America and Europe. Zenith U.S. will share the headquarters of Zenith and focus on the integration of Arc Logistics and other opportunities to buy, build and operate terminals in North America.
The Companies are focused on the storage and distribution of petroleum, refined products, natural gas liquids and petrochemicals, and expect to acquire and operate logistics and distribution assets that support terminals, such as pipelines, truck racks and barges.
For more information visit www.zenithem.com
30th Aug 2017