NEW YORK CITY (dpa-AFX) - Morgan Stanley (MS) said Monday that it has agreed to sell the Global Oil Merchanting unit of its Commodities division to Castleton Commodities International LLC.
Financial terms of the deal were not disclosed.
The sale includes a diversified international network of oil terminal storage agreements; inventory; physical oil purchase, sale and supply agreements; and freight shipping contracts. The deal does not include Morgan Stanley's client-facilitation oil trading business or any of its commodities operations outside of the oil sector.
The deal, which is targeted to close in the second half of 2015. is not expected to have a material impact on Morgan Stanley's financial results.
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