Atlas Pipeline Partners L.P. (APL) Tuesday said it has agreed to acquire TEAK Midstream LLC, a privately owned midstream operator, for $1 billion in cash.
TEAK is a natural gas gathering and processing company with assets located in the core of the Eagle Ford Shale. The acquisition is expected to close in the second quarter of 2013 and is subject to customary closing approval and conditions.
Atlas Pipeline will fund the deal with a $400 million preferred notes issuance as well as with bank financing from Citigroup and Wells Fargo.
For comments and feedback: editorial@rttnews.com