Deals - Acquisition, Mergers, Divestitures | Capital Markets | Private Equity Activity
Memorial Production to Acquire Offshore SoCal Properties
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Memorial Production Partners LP has signed a definitive agreement to acquire certain oil and gas producing properties offshore Southern California from Rise Energy Partners, LP for a purchase price of $271 million, which includes $3 million of working capital and other customary adjustments. This transaction will have an effective date of September 1, 2012 and is expected to close in December 2012. Terms of the transaction were approved by the Board of Directors of the general partner of MEMP and by the Board's conflicts committee, which is comprised entirely of independent directors.
Subject to the closing of this transaction, the Board of Directors of MEMP's general partner approved an increase in the distribution rate to $0.5075 per unit for the fourth quarter of 2012. This…
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