FTAI Infrastructure Inc. has disclosed a definitive agreement for its subsidiary, Drub LLC, to acquire crude oil logistics assets from USD Group LLC. The transaction, valued at approximately $255 million, involves the purchase of the Port Arthur Terminal in Port Arthur, Texas, and a 50% interest in the Diluent Recovery Unit (DRU) located in Hardisty, Alberta.
The agreement, signed on September 27, 2026, sets the purchase price based on an enterprise value of $255 million. This figure is subject to customary adjustments for cash, indebtedness, net working capital, and transaction expenses. The acquired assets are expected to generate approximately $50 million of annual EBITDA over the next twelve months.
FTAI Infrastructure Inc. is the parent company of the buyer, Drub LLC. The acquisition is intended to integrate with the buyer's existing operations, specifically Jefferson Energy Companies, which is a midstream energy infrastructure company headquartered in Houston, Texas.
Financing for the transaction is structured in two parts. First, the buyer will assume approximately $190 million in existing term debt associated with the acquired business. Second, a debt commitment letter has been secured with Barclays Bank PLC, which provides a loan of $72 million to fund the remaining portion of the purchase price.
The closing of the transaction is contingent upon the satisfaction of several conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The company expects to receive required regulatory approvals during the fourth quarter of 2026.
