Boardwalk Purchases Remaining Interest in PL Midstream For $269M
Boardwalk Pipeline Partners (NYSE: BWP) announced today that a subsidiary has purchased the remaining 65% equity interest in PL Midstream LLC (“PL Midstream”) from Boardwalk Pipelines Holding Corp. (BPHC), a wholly-owned subsidiary of Loews Corporation (NYSE: L) and the parent of our general partner, for approximately $269 million. This transaction was approved by the independent Conflicts Committee of the Board of Directors.
PL Midstream provides salt-dome storage, pipeline transportation, fractionation and brine supply services for producers and consumers of petrochemicals, natural gas liquids (NGLs) and natural gas through two hubs in southern Louisiana, the Choctaw Hub in the Mississippi River Corridor and the Sulphur Hub in the Lake Charles area. These assets represent approximately 53.5 million barrels of salt dome storage capacity, including 11.2 billion cubic feet (Bcf) of working natural gas storage capacity; significant brine supply infrastructure; and more than 240 miles of pipeline transportation assets, including the most extensive ethylene distribution system in Louisiana.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.