TECO closes on sale of barge and terminal unit
TECO Energy said it has closed the sale of its subsidiary TECO Transport Corp. for $405 million to an investment group led by an affiliate of Greenstreet Equity Partners L.P., a Miami-based private equity firm founded by Steven Green, the former U.S. Ambassador to Singapore, and Jeffrey Safchik.
The price is subject to the final adjustment of net working capital, and TECO Energy said net proceeds from the sale, taking into consideration estimated transaction-related costs and state and federal taxes, are expected to be about $375 million.
TECO Transport operates:
' TECO Ocean Shipping, a U.S.-flag oceangoing fleet with eight tug/barge units and three handy-size ships.
' TECO Barge Line, a river barge fleet on the U.S. inland waterways with 14 line vessels, six harbor vessels and 627 river barges.
' TECO Bulk Terminal, a 1,070 acre dry-bulk commodity deepwater transfer and storage terminal located in Davant, La., about 40 miles south of New Orleans.
