3 Firms Steer Asset Manager's $2.7B Liquid Storage Co. Buy

By Sierra Jackson (November 9, 2020, 3:13 PM EST) -- Energy and power-focused asset manager Riverstone on Monday unveiled plans to purchase liquid storage company International-Matex Tank Terminals from Macquarie Infrastructure Corp. for roughly $2.7 billion in cash and assumed debt, in a deal guided by Latham & Watkins, White & Case and Sullivan & Cromwell.

Riverstone Holdings LLC, working with Latham & Watkins LLP, said it was adding the New Orleans-based business to its portfolio. The transaction comes as White & Case LLP-led Macquarie booked high net losses in the third quarter, according to its financial statements, as the coronavirus pandemic has battered the energy sector.

"Riverstone has a long-standing...

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