Market Overview

Boardwalk Purchases Remaining Interest in Boardwalk HP Storage Company

Boardwalk Pipeline Partners, LP (NYSE: BWP) announced today that a subsidiary has purchased the remaining 80% equity interest in Boardwalk HP Storage Company, LLC from Boardwalk Pipelines Holding Corp., a wholly-owned subsidiary of Loews Corporation (NYSE: L) and the parent of our general partner, for approximately $285 million, which is the same price paid by BPHC when it acquired this interest in December 2011. This transaction was approved by the independent Conflicts Committee of the Board of Directors. "Acquiring the remaining ownership interest in Boardwalk HP Storage was one of our key goals for 2012,” said Stan Horton, President and CEO of Boardwalk. "Boardwalk has been operating these assets since they were acquired in December 2011 and the transition has gone extremely well.”

Posted-In: News M&A

 

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