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On December 23, 2013, Regency Energy Partners (RGP) announced two major transactions. Firstly, the company announced that it would purchase the midstream business of Eagle Rock Energy Partners (EROC) for ~$1.3 billion. Secondly, the company announced that it would purchase certain midstream assets from Hoover Energy (a private company) for $290 million.
The stock responded positively, closing the day at $26.07 per share, compared to the prior day’s close of $24.19 per share. Regency Energy has been actively acquiring large assets recently, as it just announced in October that it would announce acquire publicly traded PVR Partners for $5.6 billion. In February of this year, Regency also announced that it would acquire Southern Union Gathering for $1.5 billion.
Read on to find out more about the acquisitions, how they will be financed, and how they will affect Regency Energy.
© 2013 Market Realist, Inc.