American Midstream Partners LP (NYSE: AMID) said Sept. 28 it received a buyout offer from ArcLight Capital Partners LLC.
In 2013, affiliates of Boston-based private-equity firm ArcLight obtained control of American Midstream’s general partner, American Midstream GP LLC. Currently, the firm indirectly owns about 49.1% of American Midstream’s total outstanding units, according to filings with the U.S. Securities and Exchange Commission on Sept. 28.
In its buyout offer, ArcLight would acquire the remaining American Midstream common units it does not already own for $6.10 per unit. The offer follows a series of terminated transactions made this year beginning with the termination by Southcross Energy Partners LP (NYSE: SXE) of its merger agreement with American Midstream in July due to funding issues.
In addition, American Midstream said Aug. 1 that its sale of light products terminals to DKGP Energy Terminals LLC had been terminated due to extensive federal regulatory approval delays as a result of the highly strategic nature of the assets.
American Midstream said the proposed transaction with ArcLight is subject to a number of contingencies, including the approval of the conflicts committee of the board of the company’s general partner and by holders of a majority of its outstanding common units.
If approved, American Midstream currently expects that the transaction would be consummated through a merger of the company with a subsidiary of ArcLight, according to the press release.
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