Anadarko Petroleum To Sell Substantially All Of Its Remaining Midstream Assets
Anadarko Petroleum Corp. (APC) announced a transaction to sell substantially all of its remaining midstream assets for $4.015 billion to Western Gas Partners, LP (WES), with $2.0075 billion cash proceeds, and the balance to be paid in new Western Gas equity.
Concurrently Western Gas Partners announced it has entered into a merger agreement with Western Gas Equity Partners, LP (WGP), which will result in a simplified midstream structure. Western Gas Equity Partners will acquire all of the outstanding publicly held common units of Western Gas Partners, LP and substantially all of the WES common units owned by Anadarko in a unit-for-unit, tax-free exchange. Western Gas Partners, LP will survive as a partnership with no publicly traded equity, owned 98 percent by Western Gas Equity Partners and 2 percent by Anadarko.
The transactions are expected to close in the first quarter of 2019.
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