June 10, 2014 [Morgan Stanley] - Morgan Stanley announced a definitive agreement to sell its ownership stake in TransMontaigne Inc., a U.S.-based oil storage, marketing and transportation company, to NGL Energy Partners LP.
The sale includes Morgan Stanley’s General Partner and Limited Partner interests in TransMontaigne Partners LP, as well as related physical inventory and the assumption of Morgan Stanley’s obligations under certain terminal storage contracts.
Colm Kelleher, President of Institutional Securities at Morgan Stanley said, “Following this transaction, Morgan Stanley’s leading commodities division will be leaner, more client focused and better aligned with the rest of the Firm’s businesses. We are excited about its future prospects and look forward to continuing to service the supply and risk management needs of our clients across the oil, power and gas, and metals sectors.”
The transaction, which is expected to result in a gain for Morgan Stanley that is not material to the Firm’s overall financial results, is subject to regulatory approvals in the U.S. and is expected to close in the third quarter of 2014.
