Duncan Energy Partners LP has acquired interests in three midstream energy companies from a group led by Enterprise Products Partners LP in a cash-and-stock deal valued at $730 million.
As part of the agreement the Houston midstream energy services company purchased a 51 percent membership interest in Enterprise Texas Pipeline LLC; a 51 percent general partnership interest in Enterprise Intrastate LP; and a 66 percent general partnership interest in Enterprise GC LP.
Duncan Energy paid Houston-based Enterprise (NYSE: EPD) $280.5 million in cash and 37.3 million of Class B units valued at $449.5 million. Enterprise, a midstream energy services company, already owned 5.4 million Duncan Energy common units, and the deal means Enterprise now owns about 74 percent of Duncan Energy’s outstanding limited partner units.
The acquisition, when closed later this month, will give Duncan (NYSE: DEP) control over entities including more than 8,000 miles of natural gas pipelines, more than 1,000 miles of natural gas liquids pipelines, a leased natural gas storage facility and other assets. All of the assets are located in Texas.
Duncan Energy is managed by its general partner, DEP Holdings LLC, which is wholly-owned by Enterprise Products Partners.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment