Thursday, September 8, 2011

NGL Energy Partners in deal to buy SemGroup subsidiary

TULSA, Okla. - NGL Energy Partners LP has struck a deal to acquire most of the natural gas liquids business and assets from a subsidiary of SemGroup Corp.

NGL will pay up to $100 million in cash and nearly nine million common units to SemStream LP to take on its liquids business, increasing the partnership's number of terminals from three to 15. SemStream will acquire a stake in NGL's general partner, along with the right to appoint two board members.

The deal announced Aug. 31 will significantly boost NGL's midstream segment, officials said.

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