Cantera Natural Gas LLC was sold and bought for $675 million on Tuesday, September 4, 2007 by Copano Energy LLC, a Houston based company and a member of the NASDAQ stock exchange under the four letters: CPNO. Copano Energy LLC said on Tuesday, September 4, 2007 that it had a definitive purchase agreement in place to buy Denver-based Cantera Natual Gas, LLC. Cantera Natural Gas, LLC is owned by Metalmark Capital, a private equity firm based in New York.
The agreed upon purchase price is $562.5 million U.S. dollars in cash, which is subject to closing adjustments. The sale is expected to close in the fourth quarter this year 2007.
Copano Energy, LLC said on Tuesday, September 4, 2007 that it will raise $335 million U.S. dollars through a private placement, with the net proceeds going toward the Cantera Natural Gas, LLC purchase.
Cantera Natural Gas, LLC is the owner of a 51 percent interest in Bighorn Gas Gathering LLC, which has 238 miles of natural gas gathering pipelines and a 37.04 percent stake in Fort Union Gas Gathering, which has a 105-mile natural gas pipeline. Both natural gas pipeline systems are in the Powder River Basin of Wyoming.
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