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Atlas Pipeline Partners forms joint venture with Williams

Posted on: Tue, 02 Jun 2009 14:13:00 EDT

Symbols: APL

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Jun 02, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
APL | Quote | Chart | News | PowerRating -- Atlas Pipeline Partners, L.P., a provider of midstream energy services, has formed a joint venture with a subsidiary of The Williams Companies, Inc., a producer, processor, and transporter of natural gas. Both the companies are based in the US.

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.

For full details on Atlas Pipeline Prtnrs Lp (APL) APL. Atlas Pipeline Prtnrs Lp (APL) has Short Term PowerRatings at TradingMarkets. Details on Atlas Pipeline Prtnrs Lp (APL) Short Term PowerRatings is available at This Link.

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