General | Deals - Acquisition, Mergers, Divestitures
Atlas Pipeline to Acquire Woodford-Focused Cardinal Midstream
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Atlas Pipeline Partners LP has reported that the Partnership has executed a definitive agreement to acquire all equity interests representing all of the operating assets of Cardinal Midstream LLC, a privately owned midstream operator, for $600 million in cash.
The transaction, which is expected to close by the end of 2012, is subject to certain regulatory approvals, customary closing conditions, and purchase price adjustments.
As a result of the transaction, the partnership is increasing EBITDA guidance for 2013 by over 20% from $250-300 million to $310-360 million. The transaction is expected to be immediately accretive to distributable cash flow per unit by 3-5% in 2013 and 8-10% in 2014. Expected EBITDA from the Cardinal assets is forecasted to be approximately $60 million in 2013…
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