Energy Transfer Partners plans on selling a 32.44 percent stake in a firm associated with the Rover pipeline to Blackstone funds for about $1.57 billion, according to Reuters.
According to the agreement, Blackstone Energy Partners and Blackstone Capital Partners will purchase a 49.9. percent interest in ET Rover Pipeline LLC, or HoldCo. HoldCo owns a 65 percent interest in Rover Pipeline LLC. The two companies building the pipeline will operate it once it’s in service.
The deal is expected to close in the fourth quarter.