Natural Gas Utilities
EnLink Midstream Partners LP agrees to acquire Victoria Express Pipeline in dropdown transaction from Devon Energy
EnLink Midstream Partners LP:Enters into an agreement to acquire the Victoria Express Pipeline and related truck terminal and storage assets from Devon Energy Corporation.Total consideration for transaction is about $210-$220 mln, including about $171 mln in cash, about 338,000 of the Partnership's common units and EnLink's assumption of about $30-$40 mln in certain construction costs to expand the system to full capacity, subject to adjustments.Transaction, which is expected to close on or about April 1 is expected to be immediately accretive to the Partnership.
EnLink Midstream:Completes acquisition of Coronado Midstream Holdings LLC which owns natural gas gathering and processing facilities in the Permian Basin, for about $600 mln.
Kyungnam Energy Co., Ltd:Kyungnam Tech Co., Ltd and two related parties' stake in the company were increased to 57 pct (23,513,558 shares) up from 49.59 pct (17,445,597 shares).
Questar Gas Company:Completes a transaction with Eagle Mountain City to purchase the city's municipal natural gas system.Questar Gas has been working with Eagle Mountain City officials and residents over the past year to review and complete the transaction.Questar Gas Company is a subsidiary of Questar Corporation.
Lietuvos Dujos AB:Says its parent company, Lietuvos Energija UAB, plans merger of Lietuvos Dujos AB and LESTO AB to joint venture distribution network company.It is expected that plan of detailed project will be approved in April and implementation is planned by end of Dec.
Targa Resources Partners LP and Targa Resources Corp. complete acquisitions of Atlas Pipeline Partners, L.P. and Atlas Energy, L.P.
Targa Resources Partners LP and Targa Resources Corp:Says that they completed acquisitions of Atlas Pipeline Partners, L.P. and Atlas Energy, L.P, respectively.
Chesapeake Utilities Corp and Gatherco, Inc:Says that they have entered into merger agreement, dated as of Jan. 30, 2015 under which Chesapeake Utilities will acquire Gatherco.Upon consummation of transaction, Gatherco will merge into Aspire Energy of Ohio, LLC, wholly-owned subsidiary of Chesapeake Utilities.transaction was approved by Gatherco Board of Directors and by Chesapeake Utilities' Merger and Acquisition Committee.Merger, which is expected to close in second quarter of 2015, is subject to approval by the Gatherco shareholders.Chesapeake Utilities stockholder approval of merger is not required.Transaction has an aggregate value of about $59.2 million, inclusive of following.$49.8 million in exchange for all outstanding shares of Gatherco common stock, paid as follows.593,005 shares of Chesapeake Utilities common stock, valued at $29.9 million, and * $19.9 million in cash (before payment of certain transaction expenses and escrow deposits).$7.7 million in cash in consideration for cancellation of all outstanding Gatherco stock options.Assumption of Gatherco's debt at closing, estimated to be $1.7 million.Gatherco is natural gas infrastructure company providing natural gas midstream services.At close of transaction, Gatherco, as merged into Aspire Energy, will continue to operate as separate business unit.
EnLink Midstream Partners LP and EnLink Midstream LLC:Signs a definitive agreement to acquire Coronado Midstream Holdings LLC, which owns natural gas gathering and processing facilities in the Permian Basin, for about $600 mln, subject to certain adjustments.Owners of Coronado will receive $240 mln in cash, $180 mln of Partnership common units and $180 mln of a new class of Partnership common units, subject to certain adjustments.
Energy Transfer Partners and Regency Energy Partners to merge in an $18 bln Unit for Unit Transaction
Energy Transfer Partners LP and Regency Energy Partners:Enters into a definitive merger agreement.Merger will be a unit-for-unit transaction, plus a one-time cash payment to Regency unit holders, that collectively implies a value for Regency of about $18.0 bln, including the assumption of net debt and other liabilities of $6.8 bln.Transaction is expected to close in the second quarter of 2015.Under the terms of the merger agreement, the unitholders of Regency will receive 0.4066 ETP common units and a cash payment of $0.32 for each common unit of Regency, implying an all-in price for Regency common units of $26.89 per unit based on ETP's closing price on Jan. 23.Consideration to be received by Regency common unitholders represents an about 13 pct premium to the closing price of Regency's common units of $23.75 on Jan. 23 and about 15pct premium to the volume weighted average price of Regency's common units for the last 3 trading days.In addition, Energy Transfer Equity, which owns the general partner and 100 pct of the incentive distribution rights (IDRs) of both Regency and ETP, has agreed to reduce the incentive distributions it receives from ETP by a total of $320 mln over a five year period.