MGE is a division of Southern Union Co., a wholly-owned subsidiary of ETP. The sale was effective Sept. 1.
ETP expects the sale of the assets of Southern Union’s New England Gas Co. (NEG) natural gas distribution division for $60 million, less assumed debt, will be completed during 4Q 2013, pending receipt of required regulatory approval.
The sale by Southern Union of the MGE and NEG assets is another important step in ETP’s efforts to streamline and integrate its asset portfolio through the divestiture of non-core assets. The cash proceeds from these sales will be utilized to repay debt, including borrowings under ETP’s revolving credit facility.
Energy Transfer Partners LP engages in the natural gas midstream, and intrastate transportation and storage businesses in the U.S. The company is based in Dallas.