January 11, 2012 [Marketwire] - Inter Pipeline Fund ("Inter Pipeline") (TSX:IPL.UN) announced today the successful closing of its acquisition of four petroleum storage terminals in Denmark from a subsidiary of DONG Energy A/S.
This accretive acquisition, valued at $459 million plus closing adjustments and the assumption of surplus cash, was first announced on June 20, 2011. The acquisition adds 10.7 million barrels of petroleum storage to Inter Pipeline’s European storage operations. Inter Pipeline is now the fourth largest provider of independent bulk liquid storage services in Europe with total capacity of approximately 19 million barrels.
Funding for the DEOT acquisition was provided by Inter Pipeline’s recently renewed bank credit facility. The four Danish terminals (Ensted, Gulfhavn, Stigsnaes, Asnaes) will carry on business as Inter Terminals and will be operated by a wholly owned subsidiary of Inter Pipeline.
