NGL Energy to Acquire Gavilon's Energy Business for $890M in Cash

NGL Energy Partners LP

announced today that it has reached a definitive agreement to acquire all of the equity interests of Gavilon, LLC, the diversified midstream energy business owned by funds managed by Ospraie Management, General Atlantic and Soros Fund Management. The definitive agreement contemplates the purchase of Gavilon's energy business on a cash-free, debt-free basis for a cash purchase price of $890 million, which includes approximately $200 million of working capital, subject to a customary adjustment based on a target level of working capital to be delivered by Gavilon at the closing of the proposed transaction. The consummation of the transaction is subject to customary closing conditions, including the expiration or termination