Aug. 11, 2014, 8:19 AM
- Martin Midstream Partners (NASDAQ:MMLP) agrees to acquire controlling membership interests in Cardinal Gas Storage Partners from Energy Capital Partners for $120M.
- MMLP expects the deal to be accretive to annual distributions by at least $0.15/unit by end of 2015, and plans to recommend a quarterly distribution increase of at least $0.02/unit payable in Q4 2014.
- Cardinal is involved in the development, construction, operation and management of four natural gas storage facilities in Louisiana and Mississippi totaling ~50B cf.
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