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Gibson Energy Announces Closing of Acquisition of South Texas Gateway Terminal and Exchange of Subscription Receipts into Common Shares
Gibson Energy Announces Closing of Acquisition of South Texas Gateway Terminal and Exchange of Su...
About this update from Gibson Energy Inc.
[{"type":"text","content":"\n \n \n \n Gibson Energy Announces Closing of Acquisition of South Texas Gateway Terminal and Exchange of Subscription Receipts into Common Shares\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Aug. 1, 2023\n \n \n /CNW/ - Gibson Energy Inc. (\"Gibson\" or the \"Company\") (TSX: GEI) is pleased to announce the closing of the acquisition of 100% of the membership interests of South Texas Gateway Terminal LLC (the \"Transaction\"). Through this Transaction, Gibson acquired the South Texas Gateway Terminal, a world class liquids terminal and export facility located in\n \n Ingleside, Texas\n \n , with very large crude carrier capabilities and direct pipeline connections to the prolific Permian and Eagle Ford basins.\n \n \n \"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\n \n Steve Spaulding\n \n , 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\n \n North America\n \n , while pursuing new growth opportunities.\"\n \n \n The\n \n US$1.1 billion\n \n purchase price for the Transaction was funded, in part, from the net proceeds of the Company's\n \n $403 million\n \n bought deal offering of subscription receipts (the \"Subscription Receipts\"), which closed on\n \n June 22, 2023\n \n . With the closing of the Transaction, each outstanding Subscription Receipt will be automatically exchanged, without payment of additional consideration and without further action, for one common share of Gibson (the \"Common Shares\"). In addition, holders of Subscription Receipts will be entitled to receive a dividend equivalent cash paym...