8-KAcquisitions & DispositionsMaterial AgreementsRegulation FD+1

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Material Agreement (Feb 13, 2015)

Filed February 13, 2015For Securities:EPDEPDU

Summary

This 8-K filing from Enterprise Products Partners L.P. (EPD) on February 13, 2015, announces the definitive completion of its acquisition of Oiltanking Partners, L.P. (Oiltanking). The merger, approved by Oiltanking's unitholders, resulted in Oiltanking becoming a wholly-owned subsidiary of EPD. Oiltanking common unitholders received 1.30 EPD common units for each Oiltanking unit held, with cash provided for fractional units. This transaction is a significant strategic move for EPD, expanding its asset base and market presence in the midstream energy sector. In conjunction with the merger, EPD also entered into an Eighth Amended and Restated Administrative Services Agreement. This agreement governs the provision of administrative, management, and operating services by EPCO to the MLP Group, ensuring continuity and efficient operations post-acquisition. The agreement also formally releases Oiltanking and its related entities from prior obligations, streamlining the organizational structure.

Key Highlights

  • 1Completion of the acquisition of Oiltanking Partners, L.P. (Oiltanking) by Enterprise Products Partners L.P. (EPD).
  • 2Oiltanking is now a wholly-owned subsidiary of EPD.
  • 3Oiltanking unitholders received 1.30 EPD common units per Oiltanking common unit, with cash for fractional units.
  • 4The merger was approved by a majority of Oiltanking's common unitholders.
  • 5EPD entered into an Eighth Amended and Restated Administrative Services Agreement to govern services provided by EPCO to the MLP Group.
  • 6The new administrative services agreement releases Oiltanking and related entities from prior obligations.
  • 7The filing includes a joint press release announcing the merger completion.

Frequently Asked Questions

The main event reported is the completion of Enterprise Products Partners L.P.'s (EPD) acquisition of Oiltanking Partners, L.P. (Oiltanking).

Oiltanking common unitholders received 1.30 common units of Enterprise Products Partners L.P. (EPD) for each Oiltanking common unit they held. Cash was provided in lieu of any fractional EPD common units.

The Eighth Amended and Restated Administrative Services Agreement governs the administrative, management, and operating services provided by EPCO to the MLP Group, ensuring seamless integration and operational efficiency following the acquisition. It also formally releases Oiltanking and its related parties from prior obligations.

Yes, the filing states that the merger was completed following the approval of the Merger Agreement and the Merger by a majority of Oiltanking's common unitholders.