Morgan Stanley Reportedly Close To Deal To Sell TransMontaigne Stake

(RTTNews) - Morgan Stanley (MS) has moved closer to a deal to sell its stake in its Transmontaigne Partners L.P. (TLP) oil transportation-and-storage business, the Wall Street Journal reported on Friday, citing people familiar with the sales process. TransMontaigne executives reportedly expect to announce a deal in the next few months.

The report stated that the company has narrowed the list of bidders for the business that could be valued at several hundred million dollars.

NGL Energy Partners LP (NGL) and Buckeye Partners LP (BPL) are among the companies that have held discussions regarding the deal, the report added.

Morgan Stanley agreed in December to sell an oil trading-and-storage business to Russia's Rosneft Oil Co. (ROSN.L) The deal reportedly valued at several hundred-million dollars, still needs regulatory approval.

Morgan Stanley owns TransMontaigne Inc., the parent unit, as well as some 20% of the publicly traded unit that operates pipelines and storage terminals.

Shares of that entity, TransMontaigne Partners LP, closed at $47.68 a unit on Friday, valuing Morgan Stanley's stake at about $152 million.