Teekay Offshore Partners is seeking to acquire the remaining 49% stake in oil transporter, Teekay Offshore Operating. The global crude oil and petroleum product transportation services provider will buy the remaining shares with a combination of cash and Teekay Offshore common units.

Teekay Offshore Partners already controls and owns a 51% stake in the company. The financial details of the transaction were not disclosed by any of the party.

Click here for the release from Teekay Offshore.