Inergy Unit Buys Liberty Propane For $223M

Law360, New York (January 5, 2010, 6:08 PM EST) -- Inergy LP has acquired Liberty Propane LP for about $223 million and agreed to purchase the propane assets of MGS Corp. in two separate deals that would make Inergy the fourth-largest retail propane operator in the U.S.

Kansas City, Mo.-based Inergy said in a statement Monday that a subsidiary had purchased all the partnership interests in Liberty, which was formed in 2003 by private equity firm Sterling Partners and the company's management.

The $223 million purchase price includes an estimated assumed tax liability, subject to certain...
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