Chesapeake (CHK) in Talks to Sell $4 Billion in Pipelines
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Chesapeake Energy (NYSE: CHK) is in talks to sell pipelines valued at $4 billion to Global Infrastructure Partners, according to reports from Bloomberg.
Chesapeake is facing a cash-crunch due to a decline in natural gas prices and shareholder pressure from corporate governance issues. The sale would include its stake in Chesapeake Midstream Partners LP (NYSE: CHKM). If talks go smoothly, a deal is expected to be reached in days.
Carl Icahn, who recently took a stake in the energy company, is believed to be among the shareholders pushing for a sale.
Chesapeake is facing a cash-crunch due to a decline in natural gas prices and shareholder pressure from corporate governance issues. The sale would include its stake in Chesapeake Midstream Partners LP (NYSE: CHKM). If talks go smoothly, a deal is expected to be reached in days.
Carl Icahn, who recently took a stake in the energy company, is believed to be among the shareholders pushing for a sale.
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