I Squared Capital verkoopt belang in Whiptail Midstream
NEW YORK–(BUSINESS WIRE)– I Squared Capital heeft zijn belang van 28 procent in Whiptail Midstream verkocht aan aan GE-onderdeel GE Energy Financial Services. I Squared Capital richtte het bedrijf op om een verzamelsysteem in New Mexico van 220 mijl voor olie, gas en water te beheren en te exploiteren. I Squared Capital kocht in maart 2016 het verzamelsysteem van WPX Energy, voor circa 285 miljoen dollar in contant geld.
Whiptail Midstream is een dochteronderneming van Cube Midstream, een portefeuilleonderneming van het ISQ Global Infrastructure Fund. Het bedrijf richt zich op systemen voor midstreaminfrastructuur voor exploitanten in het oliegebied van het San Juan-bekken.
I Squared Capital Sells Stake in Midstream Gathering System |
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NEW YORK–(BUSINESS WIRE)– I Squared Capital has sold to GE (NYSE:GE) unit, GE Energy Financial Services, a 28% equity stake in Whiptail Midstream, a company formed by I Squared Capital to manage and operate a newly constructed, 220 mile three-commodity (oil, gas, water) gathering system (“Gathering System”) in New Mexico, USA. I Squared Capital had previously acquired the Gathering System from WPX Energy (NYSE:WPX) in March 2016 for approximately $285 million in cash. Whiptail Midstream is a subsidiary of Cube Midstream, a portfolio company of the ISQ Global Infrastructure Fund. The company is focused on providing midstream infrastructure solutions to operators in the oil window of the San Juan basin. The Gathering System, which was designed and constructed by WPX as part of its ongoing development efforts in the region, will continue to actively support WPX’s multi-year drilling program on its ~96,000 net acres in the basin. In addition, as an independent midstream company, Whiptail Midstream is actively looking to expand and offer other producers an efficient and reliable means of transporting commodities to market. Adil Rahmathulla, Partner at I Squared Capital, said, “GE’s tremendous industry depth and experience makes them an invaluable partner in Whiptail Midstream. This transaction is an important step in the execution of our strategy to position Whiptail as the premier gathering system in the San Juan Basin.” In addition to making the investment in Whiptail Midstream, GE will collaborate with I Squared Capital to invest in other near-term opportunities for oil and gas infrastructure in the basin. About I Squared Capital: I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in North America, Europe, and select high growth economies. The Firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore. View source version on businesswire.com: http://www.businesswire.com/news/home/20160414005308/en/ Contacts I Squared Capital |
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