Inergy To Buy Natural Gas Storage Facility For $725M

Law360, New York (September 7, 2010, 4:25 PM EDT) -- A subsidiary of Inergy LP has agreed to buy natural gas storage company Tres Palacios Gas Storage LLC for more than $725 million, aiming to become the largest independent natural gas storage provider in the U.S.

Kansas City, Mo.-based Inergy said Tuesday that its Inergy Midstream LLC subsidiary would buy Tres Palacios from NGS Energy LP for $725 million plus reimbursement of certain capital expenditures. Inergy hopes to close the transaction within 60 days, it said.

"The facility adds to Inergy's portfolio of valuable natural gas...
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