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Southcross Energy to acquire TexStar midstream assets for ~$450M

  • Southcross Energy (SXE) agrees to acquire roughly one-third of the midstream assets of TexStar Midstream Services, a privately-held gas gathering and processing partnership located in the Eagle Ford shale region of south Texas, for ~$450M.
  • SXE says the deal will create the premier Eagle Ford-focused midstream combination, which will include four processing plants, three fractionation facilities and ~3,700 miles of pipeline.
  • SXE expects the drop-down to be accretive to distributable cash flow during the first year of operations and enable SXE to increase its distributions per unit by Q1 2015.
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