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DCP Midstream Partners to buy assets of Philips-Spectra JV
January 4, 2017 / 11:56 AM / 8 months ago

DCP Midstream Partners to buy assets of Philips-Spectra JV

Jan 4 (Reuters) - DCP Midstream Partners LP said on Wednesday it had signed a deal to acquire all the assets of a joint venture between Phillips 66 and Spectra Energy Corp.

The deal will create the largest natural gas liquids producer and gas processor in the United States with an enterprise value of $11 billion.

As part of the deal, the joint venture, DCP Midstream LLC, will pay DCP Midstream Partners (DPM) $424 million in cash and get 31.1 million DPM units.

DPM will also assume $3.15 billion of DCP Midstream LLC’s debt.

DPM is managed by its general partner, DCP Midstream GP LP, which in turn is managed by an entity owned by DCP Midstream LLC. (Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta)

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