Western Gas Partners (WES) to Acquire Red Desert Complex from Anadarko (APC) for $483 Million
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Western Gas Partners, LP (NYSE: WES) has agreed to acquire the Red Desert Complex and related assets, primarily located in the greater Green River Basin of southwestern Wyoming, from Anadarko Petroleum Corporation (NYSE: APC) for total consideration of $483 million.
Western Gas expects the acquisition to be financed through approximately (i) $160 million of cash on hand, (ii) a $300 million draw on the Partnership’s revolving credit facility, and (iii) the issuance of 632,783 common units to Anadarko and 12,914 general partner units to Western Gas Holdings, LLC, the Partnership’s general partner, at an implied price of approximately $37.38 per unit.
Western Gas expects the transaction to close in January 2012, with an effective date of January 1, 2012.
Western Gas expects the acquisition to be financed through approximately (i) $160 million of cash on hand, (ii) a $300 million draw on the Partnership’s revolving credit facility, and (iii) the issuance of 632,783 common units to Anadarko and 12,914 general partner units to Western Gas Holdings, LLC, the Partnership’s general partner, at an implied price of approximately $37.38 per unit.
Western Gas expects the transaction to close in January 2012, with an effective date of January 1, 2012.
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