Houston-based pipeline giant Enterprise Products Partners LP NYSE: EPD has bought controlling ownership of a major oil storage and terminal business in a nearly $4.6 billion deal as part of a larger acquisition process.Enterprise Products will have about 66 percent of Houston-based Oiltanking Partners LP NYSE: OILT and full ownership of its general partner from Oiltanking Holding America Inc., which is a subsidiary of Germany-based oil and gas storage provider Oiltanking GmbH.The deal includes $2.21 billion in cash, $2.2 billion in newly issued EPD units and $228 million in cash for notes receivables and interest on Oiltanking notes payable and credit facility.Enterprise CEO Michael Creel said the completed deal is the first step of a two-part process for the “merger of Oiltanking Partners into Enterprise” to help expand its liquefied petroleum gas export business near Houston. Enterprise is rapidly expanding within the Houston region.Creel said Enterprise plans to acquire the remaining publicly held partner interests in Oiltanking in a roughly $1.4 billion deal, making the two-part process a $6 billion transaction.
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