Energy Transfer Partners (ETP) and Regency Energy Partners have formed a joint venture to buy LDH Energy Asset Holdings from Louis Dreyfus Highbridge Energy for $1.9bn in cash.
LDH owns and operates natural gas liquid (NGL) storage, fractionation and transportation business assets in the US states of Texas and Louisiana.
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LDH’s West Texas Pipeline transports NGL through a 1,066 mile intrastate pipeline system that starts from the Permian Basin in West Texas, through the Barnett Shale production area in North Texas and ends at the Mont Belvieu storage and fractionation complex.
ETP will pay $1.35bn for a 70% interest in the joint venture, and Regency will pay $578m for the remaining 30% stake.
