Macquarie Group Ltd. agreed to buy a $1 billion stake in New Orleans-based International-Matex Tank Terminals (IMTT) — a deal that would give the Australian bank full control of the terminals business. IMTT owns and operates 12 bulk liquid storage terminals in North America, including four in Louisiana. Members of IMTT’s founding Coleman family will step down from their respective executive positions. Macquarie acquired its currently held 50% stake in IMTT in 2006.
Macquarie has made a series of acquisitions in the terminals business recently, including Singapore’s Helios Terminal Corp. and ANZ Terminals of Australia. IMTT will become the largest division of Macquarie’s infrastructure unit upon completion of the acquisition.
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