EQT Infrastructure II, part of a group of European investment funds, plans to acquire New Orleans-based Westway Group Inc., which provides bulk storage for oil and other liquids, for $419 million.
EQT will pay Westway stockholders $6.70 per share under the deal announced Friday. Westway closed at $6.08 per share Thursday.
Westway operates a storage terminal it leases from the Port of Greater Baton Rouge in Port Allen that can store 18.8 million gallons of liquids in its 19 tanks. The terminal handles molasses, high fructose corn syrup, lube and vegetable oils, and liquid fertilizer among other commodities.
Westway also announced it will sell its liquid-feed supplement business and some storage terminals in Ireland, Denmark, Korea and the United Kingdom to an affiliate of ED&F Man Holdings Ltd., Westway’s largest shareholder, for $115 million.
The ED&F sale will leave the Westway business with more than 330 million gallons of storage capacity in 19 U.S. terminals, one in Canada and four in Europe.
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