Energy Transfer Partners closes acquisition of certain interests in PennTex Midstream Partners

Energy Transfer Partners LP (NYSE: ETP) has closed on its previously announced agreement to acquire certain interests in PennTex Midstream Partners LP (NASDAQ: PTXP) from various parties for total consideration of approximately $640 million in ETP units and cash. ETP now owns 100% of the general partner of PTXP, together with all of its incentive distribution rights (IDRs), as well as 6.3 million common units and all 20 million subordinated units of PTXP, representing approximately 65 percent of the total limited partner interests in PTXP.

Credit Suisse acted as the financial advisor to ETP for the transaction. Andrews Kurth Kenyon LLP served as legal counsel to ETP.

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