Teekay Offshore To Acquire Remaining 49% Of Affiliated Shuttle Tanker Co. For $390MM

To acquire remaining 49% in related co., simplifying ownership structure.

Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners LP, Hamilton, Bermuda, (NYSE: TOO) plans to acquire the remaining 49% interest in Teekay Offshore Operating (OPCO) LP from Teekay Corp. for $390 million.

The purchase price comprises $175 million in cash and 7.6 million new common units of Teekay Offshore, plus the 2% general partner interest associated with the new common units to be issued.

OPCO operates a fleet of 33 shuttle tankers, four floating storage and offtake units, nine double-hull conventional oil tankers and two lightering vessels.

Pro forma the transaction, Teekay Offshore will own 100% of OPCO, including all general partner interests.

Teekay Offshore will finance the acquisition through a combination of $175 million in cash and by issuing approximately 7.6 million new common units to Teekay Corp.

Teekay Offshore chief executive Peter Evensen says the transaction simplifies the ownership structure of Teekay Offshore Operating.

The transaction was expected to be completed by March 11.