Blackstone and Cerberus-backed American Petroleum Tankers withdraws $173 million IPO; to be acquired by Kinder Morgan

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American Petroleum Tankers Partners LP, which provides seaborne transportation of refined petroleum products and crude oil, withdrew its plans for an initial public offering on Monday after announcing it was acquired by Kinder Morgan for $962 million. The company operates a fleet of five 49,000 deadweight tonnage medium-range product tankers and is owned by Blackstone and Cerberus Capital Management. 

The Plymouth Meeting, PA-based company was founded in 2010 and booked $97 million in sales for the 12 months ended September 30, 2013. American Petroleum Tankers Partners LP had previously withdrawn its IPO on November 15 before cancelling that withdrawal ten days later. BofA Merrill Lynch, Barclays, Credit SuisseUBS Investment Bank and Wells Fargo Securities were set to be the joint bookrunners on the deal.



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