Caliber Midstream Scraps Sale Plans

Source Press
Company First Reserve CorporationTriangle Petroleum Corporation 
Tags Assets for Sale, Pipelines/ tankers/ distribution
Date August 05, 2015

(As per a-dcenter) Pipeline operator Caliber Midstream Partners LP scrapped plans to sell itself after it failed to attract a high-enough offer, Bloomberg reported, citing sources familiar with the matter.

The company, owned by private equity firm First Reserve Corp and oil and gas exploration and production company Triangle Petroleum Corporation, was exploring a sale for as much as $1 billion, including debt, Reuters had reported in April.

Caliber was working with Credit Suisse Group AG to find a buyer, Bloomberg reported, adding that the sale had entered the final bidding stage when Caliber's advisers told bidders last week that it was ending the auction.

The deal fell through partly because the potential buyers were nervous about the production outlook for Triangle Petroleum, Caliber's main customer, Bloomberg said.

Triangle Petroleum and First Reserve officials were not immediately available for comment.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd