Tallgrass Energy Partners (TEP) Takes Additional 31.3% Stake in Pony Express Pipeline
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Tallgrass Energy Partners Acquires Additional Interest in Pony Express Pipeline
January 4, 2016 6:45 AM ESTLEAWOOD, Kan.--(BUSINESS WIRE)-- Tallgrass Energy Partners, LP (NYSE: TEP) announced today that it is acquiring an additional 31.3 percent interest in Tallgrass Pony Express Pipeline, LLC (Pony Express) for cash consideration of $475 million and 6.518 million TEP common units issued to Tallgrass Development. Based on TEPs December 31st closing price of $41.21, the total consideration of approximately $743.6 million represents a multiple of approximately 9.0x incremental cash flow to TEP as a result of the acquisition. The acquisition increases TEPs membership interest in Pony Express to 98 percent.
This acquisition demonstrates our continued commitment to... More
