Summary
Enterprise Products Partners L.P. (EPD) filed an 8-K report on June 11, 2018, detailing an amendment to a prior agreement. Specifically, Amendment No. 1 to the Contribution and Purchase Agreement, dated June 6, 2018, has terminated certain rights previously held by Marquard & Bahls, AG (M&B) and its affiliates. This amendment primarily affects Section 5.11 of the original Purchase Agreement, which governed M&B's right to maintain a designee on the board of directors of EPD's General Partner. The termination of these rights signifies a change in the governance arrangement related to the acquisition of a controlling interest in Oiltanking Partners, L.P. Investors should note this amendment as it alters the board composition rights stemming from a significant past transaction.
Key Highlights
- 1EPD entered into Amendment No. 1 to the Contribution and Purchase Agreement on June 6, 2018.
- 2The amendment modifies the terms of the 2014 agreement concerning the acquisition of a controlling interest in Oiltanking Partners, L.P.
- 3Marquard & Bahls, AG (M&B) and its affiliates have had their rights terminated under Section 5.11 of the original Purchase Agreement.
- 4Specifically, M&B's right to maintain a designee on the board of directors of EPD's General Partner has been extinguished.
- 5This amendment effectively removes a governance right previously held by M&B related to the Oiltanking acquisition.
- 6The filing includes Exhibit 2.2, which is the text of Amendment No. 1 to the Purchase Agreement.