PVR Partners Announces $1 Billion Acquisition Of Marcellus Shale Midstream Pipeline Systems From Chief
Penn Virginia Resource Partners, L.P. today announced that it has signed a definitive agreement to acquire Chief Gathering LLC for $1.0 billion.
RADNOR, Pa., April 10, 2012 /PRNewswire/ – Penn Virginia Resource Partners, L.P. (NYSE:PVR) (“PVR”) today announced that it has signed a definitive agreement to acquire Chief Gathering LLC (“Chief Gathering”) for $1.0 billion. Chief Gathering, which is owned by Chief E&D Holdings LP (“Chief”), is a midstream pipeline company with operating assets serving Marcellus Shale natural gas producers primarily in northeastern Pennsylvania. This transaction, when closed, will result in a major expansion of PVR’s pipeline systems in the gas-rich Marcellus Shale. PVR expects to finance the purchase through a combination of committed equity and debt. The transaction is expected to close in the second quarter of 2012, subject to regulatory clearances and other customary closing conditions.