Exterran Partners LP (NASDAQ: EXLP) has acquired assets from Exterran Holdings Inc. (NYSE: EXH) for consideration valued at $102.3 million, including customer contracts serving 60 customers together with 244 compressor units used to provide compression services under those contracts. Those compressor units represent approximately 151,000 horsepower of compression and approximately 4% (by available horsepower) of the combined US contract operations business of Exterran Holdings and Exterran Partners.
In addition, the acquisition includes 179 compressor units comprising approximately 66,000 horsepower previously leased from Exterran Holdings to Exterran Partners. The consideration paid to Exterran Holdings’ affiliates consisted entirely of Exterran Partners’ equity, composed of 3,963,138 common units and 80,341 general partner units.
The transaction was approved by the conflicts committee of the board of directors of Exterran Partners’ managing general partner. The conflicts committee, which is composed entirely of independent directors, retained independent legal and financial advisors to assist it in evaluating the transaction.
Exterran Partners provides natural gas contract compression services to customers throughout the US. Exterran Holdings owns an equity interest in Exterran Partners, including all of the general partner interest.