PVR Cuts Coal Reliance, Gains PE Backer In $1B Gas Buy
By Liz Hoffman
Law360, New York (April 10, 2012, 3:41 PM ET) -- Gas pipeline operator Penn Virginia Resource Partners LP will pay $1 billion for Chief Gathering LLC in a deal that will drastically expand its footprint in the Marcellus Shale, diminish its reliance on coal and bring in private equity firm Riverstone Holdings LLC as a partial owner, it announced Tuesday.
PVR will acquire privately held Chief's six gas-gathering systems serving 300,000 acres in northeastern Pennsylvania. PVR already owns two gathering systems in the region, with a third in the early stages of development.