Tallgrass Development Acquiring Additional Interest in REX
Tallgrass Development LP announced that its wholly owned subsidiary, Rockies Express Holdings LLC, has signed a purchase agreement with a unit of Sempra U.S. Gas and Power to acquire Sempra’s 25 percent membership interest in Rockies Express Pipeline LLC for cash consideration of $440 million, subject to adjustment under the purchase agreement.
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“Since 2012 our team has believed in REX’s significance to natural gas transportation in America, and over the past three and a half years we have executed on the strategy to solidify the pipeline’s prominence and value for the long-term,” said David G. Dehaemers, Jr. Tallgrass’s president and CEO. “Tallgrass is very pleased to have the opportunity to purchase an additional interest in REX as we continue to operate the pipeline and transform it into the northern-most, bi-directional natural gas header system in the United States.”
“Tallgrass is very pleased to have the opportunity to purchase an additional interest in REX as we continue to operate the pipeline and transform it into the northern-most, bi-directional natural gas header system in the United States.”
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Tallgrass Development, LP, a private limited partnership organized in Delaware, currently owns a 50 percent membership interest in and operates the Rockies Express Pipeline, an approximately 1,712 mile natural gas pipeline which enables producers in the Rocky Mountain and Appalachian Basin production regions to deliver gas to the Midwest and eastern parts of the country.
Tags: REX, Rockies Express, Tallgrass Energy
