New Orleans tank farm company bought for $1B

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News,Business

NEW ORLEANS (AP) — Macquarie Infrastructure Co. LLC will buy the remaining half of New Orleans-based International-Matex Tank Terminals under a $1 billion cash-and-stock deal.

Under the agreement, New York-based Macquarie will pay $910 million in cash and $115 million in stock to the Coleman family.

Macquarie CEO James Hooke tells The Advocate (http://bit.ly/1vVRW0m ) Macquarie will work with International-Matex to accelerate its growth, in part by increasing the amount of capital deployed into new projects.

The sale marks the end of the Coleman family's management of International-Matex, which was established by James J. Coleman Sr. in 1939 with a single terminal. The company now has a dozen tank farms, including facilities in Avondale, Geismar, Gretna and St. Rose.

Macquarie does not expect to complete the deal before the end of the month.

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Information from: The Advocate, http://theadvocate.com

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