Tuesday, June 1, 2010

Energy Transfer Equity closes deal to acquire Regency GP

DALLAS, Texas - Energy Transfer Equity LP said on May 26 that it has closed its acquisition of the general partner of Regency Energy Partners LP.
The deal means Energy Transfer Equity now owns the general partner of both pipeline firm Energy Transfer Partners LP and natural gas company Regency. Both will operate as separate entities.
In addition, Regency said it has closed on its purchase of nearly all of Energy Transfer Equity's stake in the Midcontinent Express Pipeline, which gives Regency a total of 49.9 percent of the pipeline. The Midcontinent Express Pipeline is about 500 miles long and extends from Oklahoma to Alabama.
Energy Transfer Equity used its preferred units worth about $300 million to buy all of Regency's general partner from an affiliate of GE Energy Financial Services.
The deal was announced May 11.

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