Energy Transfer Partners (ETP) and Regency Energy Partners have partnered to acquire LDH Energy Asset Holdings (LDH) from Louis Dreyfus Highbridge Energy for about $1.92 billion. ETP will put $1.35 billion in exchange for a 70% stake in the joint venture, while Regency will contribute $578 million for a 30% ownership interest.
ETP will operate the assets on behalf of the joint venture with the existing LDH employees as per the deal, which may close in the second quarter of 2011. Louis Dreyfus has been advised by Goldman Sachs and Barclays Capital, adds Reuters.
Click here for the release from Regency Energy Partners.
Click here for additional coverage from Reuters.