Azure Takes Over BG Group, EXCO JV In $931M Deal

Law360, New York (October 17, 2013, 2:56 PM EDT) -- Private equity-backed Azure Midstream Energy LP will take over full ownership of a gas-production joint venture targeting reserves in East Texas and North Louisiana shale formations in a deal worth $931 million, giving it a bigger slice of a booming U.S. midstream energy market.

The deal lifts ownership from Britain's BG Group PLC and Dallas-headquartered EXCO Resources Inc., which each hold a 50 percent stake in TGGT Holdings LLC. Under the sale's terms, Azure will pay $875 million in cash, with the remainder coming in the...
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