Magnolia Marine Transport Company entered into an agreement to acquire Substantial Portion of the Marine Assets of NGL Energy Partners LP (NYSE:NGL) on March 6, 2023. In a related transaction, NGL Energy Partners LP has agreed to sell the remaining of its marine assets to Campbell Transportation Company, Inc. The consideration is $111.65 million in cash in the aggregate for the two deals. The transaction is expected to close at the end of March 2023. BofA Securities, Inc. is serving as NGL's financial advisor; and McAfee & Taft of Tulsa, Oklahoma is serving as NGL's outside legal counsel.

Magnolia Marine Transport Company completed the acquisition of Substantial Portion of the Marine Assets of NGL Energy Partners LP (NYSE:NGL) on March 30, 2023. Proceeds were used to pay-off outstanding balance of $39.3 million on equipment loan.