Enterprise Products Acquires the General Partner and LP Interests in Oiltanking Partners; Proposes Merger of Oiltanking into Enterprise

HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD, “Enterprise”) announced today that it has acquired the general partner and related incentive distribution rights, 15,899,802 common units and 38,899,802 subordinated units in Oiltanking Partners L.P. (NYSE: OILT, “Oiltanking Partners”) held by Oiltanking Holding Americas, Inc. (“Oiltanking Holding”). Enterprise paid total consideration of approximately $4.41 billion to Oiltanking Holding comprised of $2.21 billion in cash and 54,807,352 Enterprise common units. Enterprise also paid $228 million to assume notes receivable issued by Oiltanking Partners.