NGL Energy Partners plans Magnum takeover

OREANDA-NEWS. February 10, 2015. NGL Energy Partners will acquire the Magnum LPG storage facility in Millard County, Utah, and related assets, from Magnum's investor Haddington Ventures for \\$280mn in cash and equity.

Magnum Development, a portfolio company of Haddington, owns and operates the natural gas storage facility southwest of Salt Lake City, Utah, which is capable of holding more than 10mn bl of liquids. The Magnum NGLs storage project is situated at the firm's Western Energy Hub.

The storage facility is the first of its kind in the Rocky Mountain region.

The facility kicked off operations this summer, bringing on line two solution-mined salt caverns capable of handling between 1mn and 2mn bl of propane and butane.

The site has both truck and rail loading and unloading capabilities.

NGL will acquire the facility for \\$80mn in cash and \\$200mn in common units issued to the seller.