Wednesday, 24 August 2016
Last updated 7 hours ago
Mar 23 2011 | 11:18am ET
Highbridge Capital Management's joint energy venture with Louis Dreyfus Group has sold a set of energy assets for $1.95 billion.
The cash deal will see a pipeline and natural-gas storage and processing plants transferred to Energy Transfer Partners and Regency Energy Partners. The assets are in Texas, Mississippi and Louisiana.
Louis Dreyfus Highbridge was formed in 2007 when Highbridge bought a $1 billion stake in Louis Dreyfus ES Holdings. The firm is based in Wilton, Conn., up the road from Highbridge's New York headquarters.
"We see a number of exciting growth opportunities for these assets, which will allow both partnerships to compete in a new business platform of the midstream value chain, add downstream capabilities and capitalize on favorable N.G.L. market fundamentals," Regency CEO Mike Bradley said. "In addition, we anticipate that Louis Dreyfus will remain an important customer."