Through this Transaction, Gibson acquired the South Texas Gateway Terminal, a world-class liquids terminal and export facility located in Ingleside, Texas, with very large crude carrier capabilities and direct pipeline connections to the prolific Permian and Eagle Ford basins.
“Today is an exciting day for Gibson as we close the highly strategic acquisition of the South Texas Gateway Terminal, which reinforces our position as a leading liquids-focused infrastructure business,” said Steve Spaulding, president and chief executive officer.
“Our focus will now turn to safely integrating the asset into our portfolio, welcoming new team members and supporting the needs of existing and new customers across North America, while pursuing new growth opportunities.”
The US$1.1 billion (€1 billion) purchase price for the Transaction was funded, in part, from the net proceeds of Gibson’s $403 million (€367 million) bought deal offering of subscription receipts, which closed on June 22, 2023.