Pacific Energy Partners LP has agreed to pay $455 million to Valero LP for crude oil and oil product assets including terminals and a pipeline.

Valero, a San Antonio-based fuel transporter, will sell Pacific two fuel terminals in California, three refined products terminals in the East Coast and a 550-mile product pipeline with four truck terminals and storage in the U.S. Rocky Mountains, Pacific Energy said in a statement.

Pacific, a Long Beach-based oil-pipeline operator, expects to fund the acquisition on a permanent basis by issuing common units for approximately 60 to 65 percent of the acquisition price and debt securities for approximately 35 to 40 percent of the price.

Valero was required to divest the assets as part of a Federal Trade Commission order related to its acquisition of Kaneb Services and Kaneb Pipe Line Partners.

Pacific Energy said the deal will immediately add to cash available for distribution. The company will retain Valero’s employees.

Lehman Brothers served as financial adviser to Pacific for the acquisition, which is expected to close within the next 90 days, pending regulatory approvals.

“These assets are in growing markets, provide diversification into refined products service, which has been one of Pacific’s growth objectives, and have significant near term expansion opportunities,” said Irv Toole, president and chief executive of Pacific.