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Article: Plains All American Pipeline, L.P. Announces Agreement to Acquire Rainbow Pipe Line Company.
- Article from:
- Business Wire
- Article date:
- April 7, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON -- Plains All American Pipeline, L.P. (NYSE:PAA) today announced that a subsidiary of Plains Midstream Canada ULC signed a definitive agreement to acquire all of the outstanding shares of Rainbow Pipe Line Company, Ltd. ("Rainbow") for approximately C$540 million, subject to certain closing adjustments. At closing, PAA will also acquire approximately 1.1 million barrels of crude oil linefill, at a cost based upon crude oil prices at such time. Using current crude oil prices, the estimated value of the linefill would be approximately C$120 million. The transaction is subject to receipt of regulatory approvals and satisfaction of customary closing conditions, and is ...