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Canada-based Inter Pipeline Fund has today announced the successful closing of its acquisition of four petroleum storage terminals in Denmark from a subsidiary of Dong Energy A/S.

The acquisition, valued at $459 million plus closing adjustments and the assumption of surplus cash, was first announced on June 20, 2011.

The deal adds 10.7 million barrels of petroleum storage to Inter Pipeline's European storage operations. Inter Pipeline is now the fourth largest provider of independent bulk liquid storage services in Europe with a total capacity of approximately 19 million barrels.

Funding for the DEOT acquisition was provided by Inter Pipeline's recently renewed bank credit facility.

In a statement Inter Pipeline said that the four Danish terminals will be named Inter Terminals and will be operated by a wholly owned subsidiary of Inter Pipeline.

Inter Pipeline is a leading petroleum transportation, natural gas liquids extraction, and bulk liquid storage business based in Calgary, Alberta, Canada. Structured as a publicly traded limited partnership, Inter Pipeline owns and operates energy infrastructure assets in western Canada, the United Kingdom, Denmark, Germany and Ireland.