American Midstream to acquire assets from DCP Midstream for $115M

|About: American Midstream Partners... (AMID)|By:, SA News Editor

American Midstream Partners (NYSE:AMID) agrees to acquire entities holding onshore natural gas processing and offshore natural gas gathering and transportation and oil gathering assets from DCP Midstream (NYSE:DPM) for $115M.

The assets to be acquired include the Mobile Bay gas processing plant, Dauphin Island gathering and transmission system, and DCPs interest in the Main Pass Oil Gathering System, which AMID says collectively provide strong cash flow visibility and a growing, high-quality customer base.

To fund the deal, AMID plans to sell $200M of its common units in a private placement.