CLH Group completed the acquisition of a majority stake in European storage business of Inter Pipeline for $540m.

CLH Group, a bulk liquid product logistics company, completed the acquisition of a majority stake in European bulk liquid storage business of Inter Pipeline, a multinational petroleum transportation and infrastructure, for $540m. "This is a very positive transaction for Inter Pipeline. Monetizing a significant portion of our European asset base enables us to focus resources on developing our higher growth Canadian businesses. As such, proceeds from the sale will be used to reduce debt, strengthen our balance sheet and assist with financing our large capital expenditure program, including the Heartland Petrochemical Complex," Christian Bayle, Inter Pipeline President and Chief Executive Officer.