Atlas Energy, L.P. (ATLS) announced on Oct. 13th along with its midstream subsidiary, Atlas Pipeline Partners, L.P. (APL) that both companies have entered into definitive agreements to be acquired by Targa Resources Corp. (TRGP) and Targa Resources Partners LP (NGLS) respectively, in a transaction valued at approximately $7.7 billion.
TRGP will acquire the midstream assets of ATLS immediately following the separation of all of the company's non-midstream assets as detailed below.
Edward E. Cohen, Chief Executive Officer of ATLS, said:
"This transaction with Targa is enormously beneficial for all of the Atlas companies and our stakeholders. It should be noted that the value ATLS shareholders will receive for the sale of the company without its upstream assets is equivalent to the most recent trading price of ATLS units inclusive of the valuable non-midstream assets of the company."
Jonathan Z. Cohen, Executive Chairman of ATLS, added:
"We would like to sincerely thank all of our employees at Atlas for helping build our enterprise over the years and for playing an integral role in our strategic plans. In addition, all of our accomplishments would not be possible without the support of our strong group of unitholders, who have provided us with the capital to expand our business and have allowed us to offer significant value in return."
ATLS' non-midstream interests consist of the following: