By OGJ editors
HOUSTON, Aug. 11 -- Private equity funds manager Riverstone Holdings LLC plans to acquire Gibson Energy Holdings Inc., a midstream company, from Hunting PLC.
Hunting, a British oil services company, said it will use proceeds from the $1.1 billion (Can.) sale of Gibson to make acquisitions and reduce debt.
Hunting's board recommends that shareholders approve the sale, which it said would enable Hunting to focus on supplying well construction and completion equipment.
Gibson's network of assets includes more than 3.4 million bbl of oil storage capacity, 11 terminals, 290 miles of pipeline, more than 1,180 truck trailers, 49 propane distribution branches, and a 16,000 b/d processing plant.