Laredo closes agreement over Medallion pipeline ownership interests
Published by Stephanie Roker, Editor
World Pipelines, Tuesday, 31 October 2017 10:15
Laredo Petroleum, Inc. (Laredo) has announced the closing of the previously announced agreement among an affiliate of Global Infrastructure Partners (GIP) – Laredo's wholly-owned subsidiary Laredo Midstream Services, LLC (LMS) – and Medallion Midstream Holdings, LLC, which is owned and controlled by an affiliate of The Energy & Minerals Group.
Through the agreement, GIP purchased 100% of the ownership interests in Medallion Gathering & Processing, LLC (MGP) for a cash purchase price of US$1.825 billion, plus potential additional cash consideration.
MGP is the sole owner of the Medallion-Midland Basin pipeline system. LMS received net proceeds of approximately US$830 million for its 49% interest in MGP, after deduction of its proportionate share of fees and other expenses, but prior to customary post-closing adjustments and taxes. Laredo intends to use the net proceeds from the sale primarily to repay debt.
Read the article online at: https://www.worldpipelines.com/business-news/31102017/laredo-closes-agreement-over-medallion-pipeline-ownership-interests/
Outrigger Energy II announces completion of its Williston Basin midstream facilities
The assets include an 80-mile, 20 and 24 in. diameter rich gas gathering system originating in eastern Williams County and terminating at the Bill Sanderson Plant.
Copyright © 2021 Palladian Publications Ltd. All rights reserved | Tel: +44 (0)1252 718 999 | Email: enquiries@worldpipelines.com