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Williams contributed $100 million and issued a $25.5 million note payable the joint venture company, Laurel Mountain Midstream, LLC, in exchange for a 51% ownership interest.
Announcement (April 1, 2009):
Atlas Pipeline has entered into a definitive agreement with a subsidiary of Williams to form a joint venture Laurel Mountain Midstream.
The joint venture will own and operate all of Atlas Pipeline's northern Appalachian assets and manage the ongoing operation and anticipated expansion. Atlas Pipeline will own a 49% equity interest in the joint venture.
In addition, Atlas Energy Resources, LLC will sell to the joint venture two natural gas processing plants and associated pipelines located in southwestern Pennsylvania in the US for $12 million.
UBS Investment Bank is acting as financial advisor to Atlas Pipeline, and Stifel, Nicolaus & Company, Inc. provided opinion to Atlas Pipeline's Board of Directors. Citigroup, Inc. is acting as financial advisor to Williams.
Deal Type Partnership Sub-Category Joint Venture Deal Status Completed: 2009-06-01
Deal Participants
Partner 1 (Company) Atlas Pipeline Partners, L.P. Partner 2 (Company) The Williams Companies, Inc.
Deal Rationale
The joint venture would provide Atlas Pipeline the financial leverage needed to fund expansion capital for anticipated growth in production from the Marcellus Shale.
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