DCP Midstream Partners Announces Drop Down of Interests in Mont Belvieu Fractionators from DCP Midstream
DCP Midstream Partners, LP (NYSE: DPM) or the “Partnership” today announced that it has entered into an agreement with DCP Midstream, LLC for the contribution of its minority ownership interests in two non-operated Mont Belvieu fractionators for $200 million. As part of the transaction, DCP Midstream, LLC will take approximately 30 percent of the total consideration in common units of the Partnership. The transaction is at an EBITDA multiple in-line with past transactions between DCP Midstream, LLC and the Partnership and is expected to close early in the third quarter.
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