Tallgrass Energy Partners LP (TEP) has purchased two entities from Tallgrass Development, its privately held affiliate, in a $140 million dropdown, the company announced Tuesday.
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Gas Natural Shareholders Approve First Reserve Merger
Gas Natural Inc. shareholders have approved the company’s merger with a subsidiary of energy-focused private equity firm First Reserve, clearing the way for regulatory approval and keeping the deal on track to close in the second half of 2017.
Briefs — Enbridge-Spectra Energy
Shareholders of Spectra Energy Corp. and Enbridge Inc. have voted to approve thecombination of Spectra with Enbridge Inc. in a stock-for-stock transaction. Of the common shares of Enbridge voted at a special shareholders meeting, 99.42% were voted in favor of the issuance of Enbridge shares as consideration for the transaction, and 99.80% of the Enbridge shares were voted in favor of proposed amendments to general bylaw No. 1 of Enbridge. More than 661 million, or about 70.5%, of outstanding Enbridge shares, were voted in person or by proxy at the meeting. About 73% of the total outstanding shares of Spectra common stock, and about 98% of the total shares voted at a special shareholders meeting, were voted in favor of the transaction. The combination will create the largest energy infrastructure company in North America and one of the largest globally, with a pro-forma enterprise value of about C$165 billion (US$127 billion), Spectra said. Completion of the transaction remains subject to other customary closing conditions. Closing is expected during the first quarter.
Qatar Merging LNG Operating Companies
Top global liquefied natural gas (LNG) producer Qatar Petroleum (QP) plans to integrate its RasGas Co. Ltd. and Qatargas operating companies under a single entity, named Qatargas, it said Sunday.
BP Pulls Trigger on $9B Mad Dog Expansion in Deepwater GOM
BP plc on Thursday sanctioned a “leaner” $9 billion Mad Dog Phase 2 project for the Gulf of Mexico, which it said highlighted its long-term commitment to the country “despite the current low oil price environment.”
Tudor, Pickering to Combine with Investment Firm Perella Weinberg
Houston-based energy banker Tudor, Pickering, Holt & Co. (TPH) is combining with Perella Weinberg Partners (PWP) to create an investment firm with $12 billion-plus in assets and more than 650 employees worldwide.
California Resources to Stay Patient on Potential Asset Sales, Debt Reduction, CEO Says
California Resources Corp. (CRC) will continue to stay patient to ride out low commodity prices, selling off assets, and continuing to reduce its billions of dollars of debt, CEO Todd Stevens said on a 3Q2016 earnings conference call Thursday.
TransCanada Sells Northeast U.S. Power Business, Retains Mexico NatGas Assets
TransCanada Corp. has delivered on a plan to sell its U.S. merchant power assets in the Northeast, announcing that it would earn $3.7 billion for the business to help pay for its acquisition of Columbia Pipeline Group Inc. (CPG). In another move aimed at driving growth, the company said it would retain its interests in a growing portfolio of Mexican natural gas pipeline assets.
Baker Hughes, GE to Create ‘Digital, Industrial’ Oilfield Powerhouse in $32B Deal
In a blockbuster deal worth an estimated $32 billion, General Electric (GE) on Monday agreed to become majority shareholder in a partnership combining its oil and natural gas business with Baker Hughes Inc., creating the second largest oilfield operator in the world.
Dominion Drops Down Questar Pipeline to MLP in $1.725B Deal
Dominion Resources Inc. on Monday said Dominion Midstream Partners LP, its affiliated master limited partnership (MLP), will acquire Questar Pipeline LLC in a $1.725 billion drop-down that is expected to close Dec. 1.