NGL Energy Partners LP (NYSE: NGL) said Feb. 9 that it entered into a definitive purchase agreement with Magnum Development LLC to acquire Magnum NGLs LLC and its NGL storage facility. Magnum is a portfolio company of Haddington Ventures LLC, NGL Energy added.

NGL Energy paid $280 million, plus working capital adjustments, the company said. The transaction will be paid through $80 million in cash and $200 million in NGL Energy’s common units issued to Magnum.

The facility, southwest of Salt Lake City, can process and hold more than 10 million barrels of NGL, and it has salt caverns and rail and truck access to Western markets.

Current and future contracts on the facility will support NGL Energy’s fee-based revenue stream, the company said.

The transaction is scheduled to close in 2015’s first quarter.

RBC Capital Markets LLC is NGL Energy’s sole financial adviser. McGrath North Mullin & Kratz PC LLO and Winston & Strawn LLP are the company’s legal counsel.

Simmons & Co. International is sole financial adviser to Magnum Development and Haddington Ventures. King & Spalding is their legal counsel.

Tulsa-based NGL Energy Partners LP owns and operates water solutions, crude oil logistics, NGL logistics, refined products/renewables and retail propane.