American Midstream Partners announced this morning an affiliate of private equity firm ArcLight Energy Partners is acquiring the midstreamer in an all-cash deal valued at $5.25 per share.
Affiliates of ArcLight already own roughly 51% of Houston-based American Midstream’s voting shares, Kallanish Energy reports. The deal has been approved by the limited partners of the American Midstream partnership, and no unitholder meeting will be held to approve the merger.
Upon closing of the merger, American Midstream will be a wholly owned subsidiary of the buyer and its common units will cease to be publicly traded.
The merger is expected to close in the second quarter of 2019. Gibson, Dunn & Crutcher acted as legal counsel to American Midstream. Evercore served as financial advisor and Thompson & Knight LLP acted as legal counsel to the partnership’s conflicts committee.
BofA Merrill Lynch acted as financial advisor and Kirkland & Ellis served as legal counsel to ArcLight.
This post appeared first on Kallanish Energy News.