Jan 4 DCP Midstream Partners LP said on
Wednesday it had signed a deal to acquire all the assets of a
joint venture between Phillips 66 and Spectra Energy
The deal will create the largest natural gas liquids
producer and gas processor in the United States with an
enterprise value of $11 billion.
As part of the deal, the joint venture, DCP Midstream LLC,
will pay DCP Midstream Partners (DPM) $424 million in cash and
get 31.1 million DPM units.
DPM will also assume $3.15 billion of DCP Midstream LLC's
DPM is managed by its general partner, DCP Midstream GP LP,
which in turn is managed by an entity owned by DCP Midstream
(Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak