Riverstone/Carlyle Global Energy and Power Fund has completed its C$1.1 billion acquisition of Gibson Energy, the Canadian midstream oil and gas unit of Hunting PLC.
PRESS RELEASE
Riverstone Holdings LLC (“Riverstone”) today announced that the previously announced acquisition of Gibson Energy (“Gibson”) by funds affiliated with Riverstone has closed. Under the terms of the merger agreement, following the closing of the merger, Hunting Plc will receive C$1.1 billion plus adjustments in total consideration.
Gibson Energy, based in Calgary, Canada is a leading midstream energy company, having moved over 280 million barrels of crude and refined products in 2007. Since 1953, the Company has played a meaningful role in Western Canada’s oil and gas industry by linking upstream producers with downstream refiners. Gibson consists of five diversified business divisions including Terminals and Pipelines, Truck Transportation, Marketing, Moose Jaw Processing and Wellsite Fluids, and Propane Marketing and Distribution (Canwest). The Gibson network of assets consists of over 3.4 million barrels of crude storage capacity, 11 terminals, 290 miles of pipeline, over 1,180 truck trailers, 49 propane distribution branches and a 16,000 barrel per day processing facility.
About Riverstone Holdings LLC
Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately US$16 billion under management across six investment funds. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable For sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately US$10.8 billion to 58 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.
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