Inter Pipeline buys Swedish bulk liquid storage business
Canadian pipeline strengthens European position, now largest bulk liquid storage provider in Scandinavia
CALGARY—Inter Pipeline Ltd. has purchased four petroleum and petrochemical storage terminals in Sweden from a subsidiary of Koninklijke Vopak N.V. The CAN$131 million transaction, excluding customary closing adjustments, was funded through Inter Pipeline’s revolving credit facility.
“This is an immediately accretive transaction that will further diversify and strengthen our European bulk liquid storage business,” said Christian Bayle, President and CEO of Inter Pipeline.
“The acquisition increases our storage capacity in Europe by approximately 40 per cent, while complementing Inter Pipeline’s existing storage operations in the United Kingdom, Denmark, Germany, and Ireland,” he added.
The acquisition increases Inter Pipeline’s total storage capacity in Europe to approximately 27 million barrels. It strengthens Inter Pipeline’s position as a leading storage business in Europe and establishes Inter Pipeline as the largest independent bulk liquid storage provider in Scandinavia.