Kayne Anderson Energy Development Company (KED) Announces Sale of Millennium Midstream Partners, L.P.
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Kayne Anderson Energy Development Company (NYSE: KED) announced that one of its portfolio companies, Millennium Midstream Partners, L.P. ("Millennium"), has entered into a definitive agreement with Eagle Rock Energy Partners, L.P. (NASDAQ: EROC) for the sale of Millennium for total consideration of approximately $236 million, consisting of $181 million of cash and 4.0 million Eagle Rock common units, subject to customary closing adjustments. The transaction is expected to close in October 2008, subject to the satisfaction of various closing conditions, including the termination of any applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
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