A cross-practice deal team led by Akin Gump global energy and transactions partners J. Vincent Kendrick and Patrick Hurley advised Houston-based Genesis Energy in its acquisition, for approximately $230 million, of all the assets of the downstream transportation business of Hornbeck Offshore Transportation, LLC.
The business primarily comprises nine barges and nine tug boats that transport crude oil and refined petroleum products, principally serving refineries and storage terminals along the Gulf Coast, Eastern Seaboard, Great Lakes and Caribbean. At the closing of the transaction, Hornbeck and Genesis expect to enter into transition service agreements to facilitate a smooth transition of operations and uninterrupted services for both employees and customers.
Earlier this year, Akin Gump advised Genesis Energy in its private placement of $350 million of senior notes. (The press release on this engagement can be read here.)
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