NGL Energy Partners LP (NYSE: NGL) announced June 9 it entered into a definitive purchase agreement with affiliates of Morgan Stanley to acquire TransMontaigne GP LLC and related assets for $200 million on a debt free basis.

Tulsa, Okla.-based NGL will purchase the general partner of TransMontaigne Partners LP (NYSE: TLP) and about 19.7% of the partnership's outstanding units held by Morgan Stanley and certain entities associated with the TransMontaigne business, related inventory and pipeline and other contract rights.

NGL will assume Morgan Stanley’s obligations to TLP under certain terminaling services agreements. The acquisition does not involve the sale or purchase of any of the LP units held by the public. The transaction is expected to close in the third quarter of 2014.

TransMontaigne is a terminaling and transportation company based in Denver with operations primarily in the U.S. along the Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the Mississippi and Ohio Rivers, and in the Southeast.