Macquarie buys up IMTT

Macquarie Infrastructure Company (MIC) has agreed to buy the 50% of International-Matex Tank Terminals (IMTT) it doesn't already own.

Australia’s largest investment bank has agreed to take full control of the US bulk liquid terminals operation for $1.03bn in cash and stock.

MIC will purchase the remainder interest from members of IMTT’s founding family for $910m in cash and $115m in stock.

IMTT comprises ten marine terminals located on the East, West and Gulf Coasts and the Great Lakes regions of the US and two partially owned terminals in the Canadian provinces of Quebec and Newfoundland.

Headquartered in New Orleans, Louisiana, IMTT is the fourth largest provider of bulk liquid storage and handling services in the US.

It was established by James J Coleman in 1939 with one terminal in Louisiana. In May 2006, MIC acquired a 50% interest in IMTT.

“Our acquisition of the remainder of IMTT represents a unique, strategic opportunity for investors, customers and employees of IMTT,” said MIC chief executive James Hooke.

“We’re acquiring a business that we know from our involvement with it over the past eight years and, more importantly, a business with a strong foundation built over many years of stewardship on the part of the Coleman family,” Hooke added.

The transaction is expected to close as soon as practical following the conclusion of the capital raising and is subject to satisfaction of conditions including receipt of certain regulatory approvals.