Martin Midstream to Acquire Interest in West Texas LPG Pipeline
May 6, 2014
Atlas Pipeline Partners, L.P. (NYSE: APL) today announced it has entered into a definitive agreement to sell its subsidiaries that own a 20% stake in West Texas LPG Limited Partnership to a subsidiary of Martin Midstream Partners, L.P. (NASDAQ: MMLP) for $135 million in cash.
West Texas LPG Limited Partnership owns a 2,295 mile common carrier y-grade natural gas liquids pipeline. The pipeline receives natural gas liquids from multiple receipt points in the Permian Basin and Barnett Shale in Texas and transports volumes to Mont Belvieu, Texas for fractionation.
Investment funds managed by Alinda Capital Partners own a 50% interest in the general partner of Martin Midstream Partners LP.
The acquisition closed in May 2014.