NGL Energy Partners Offers To Buy Outstanding Units Of TransMontaigne Partners

(RTTNews) - NGL Energy Partners LP (NGL) said Thursday that it has submitted a non-binding proposal to the conflicts committee of the board of directors of TransMontaigne GP L.L.C., the general partner of TransMontaigne Partners L.P. (TLP), in which each outstanding common unit of TransMontaigne Partners would be exchanged for one common unit of NGL.

The proposed deal is subject to the negotiation and execution of a definitive agreement, the approval of the TransMontaigne GP board and its conflicts committee and any requisite unitholder approval under applicable law.

"As you are aware, NGL is pleased to have completed the acquisition of TransMontaigne Inc. We believe the logical next step is to combine NGL and TLP in a transaction that expands our commercial opportunities, simplifies the organizational structure and captures operational synergies, all of which enhance the growth profile of both partnerships' unitholders," NGL wrote in a letter to the conflicts committee of the TransMontaigne GP board.