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Boardwalk to acquire PL Midstream

An acquisition agreement has been reached between Boardwalk Pipeline Partners and PL Midstream.

21 August 2012

Business negotiations between Boardwalk Pipeline Partners and PL Midstream have resulted in a takeover agreement being signed.

Boardwalk, which operates in the natural gas transportation and storage sector, confirmed it had formed a joint venture with a general partner affiliate that had entered into the buy-out deal.

President and chief executive officer of Boardwalk Stan Horton said the move will ensure his company is "strategically-located" in the natural gas liquids industry.

He remarked: "The PL Midstream acquisition supports our long-term growth strategy of diversifying into industries that complement our core natural gas pipeline and storage businesses."

The company is expecting to pay for the takeover with a $225 million (£143 million) five-year bank loan plus equity contributions, with its general partner - Boardwalk Pipelines Holding Corp (BPHC) - owning 67 per cent of the joint venture and Boardwalk getting 33 per cent.

BHPC will be spending $268 million on the acquisition, with Boardwalk paying $132 million.

Posted by Ken Hayes

Source: Boardwalk press release, August 16 

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