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Noble Energy Divests Marcellus Midstream To Quantum Energy Partners For $765 Mln

Noble Energy, Inc. (NBL) Thursday announced a definitive agreement to sell the holding company which owns a 50 percent interest in CONE Gathering, LLC and 21.7 million common and subordinated limited partnership units to a portfolio company of Quantum Energy Partners. The deal is for a cash consideration of $765 million. The limited partnership units represent a 33.5 percent ownership interest in CONE Midstream Partners LP (CNNX).

Dheeraj Verma, President of Quantum Energy Partners, said "This transaction follows the recently announced sale of Noble Energy's upstream Appalachia assets to a separate portfolio company of Quantum. We have a strong track record of sponsoring and growing both upstream and midstream companies across the Appalachian Basin and we look forward to partnering with CONSOL Energy Inc. in continuing the success of CONE Midstream."

The deal is expected to close in the third quarter this year. BofA Merrill Lynch acted as the sole financial advisor to Noble Energy on the CONE Midstream transaction and Vinson & Elkins LLP served as legal counsel.

by RTT Staff Writer

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