Anadarko Sells Mid-Stream Assets to Itself (APC, WES)
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Western Gas Partners, LP (NYSE:WES) has completed the purchase of gas processing plants and gathering systems from Anadarko Petroleum Corporation (NYSE:APC). Western Gas was formed by Anadarko earlier this year to off-load Anadarko’s mid-stream assets to a separate master limited partnership. Anadarko owns about 63% of Western’s common and subordinated units and the 2% general partnership interest in Western.
The purchase price was approximately $210 million, which Western financed with a new $175 million note to Anadarko, and more than 2.5 million new common units at an implied price of $13.69/unit. Western’s share price is up slightly this morning, to $12.53/unit. Anadarko shares are up a penny, to $35.62.
Paul Ausick
December 26, 2008
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