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PRINT THIS PAGE Natural Gas Partners sells interest in Energy Transfer09/05/2007. Source: AltAssets. 
 Energy investment firm Natural Gas Partners has sold approximately 55 per cent of its stake in Energy Transfer Equity and the majority of its equity interests in LE GP, the general partner of ETE, to Enterprise GP Holdings (NYSE:EPE) for a total purchase price of approximately $744m, reflecting a per unit share price of $42.
The sale by NGP was made in conjunction with EPE's purchase of ETE units and a minority interest in LE GP from Ray Davis, the co-chairman of ETE. Following the transaction, Davis will continue to own approximately one half of his original holdings in ETE. Both NGP and Davis have each entered into lock-up agreements with respect to their remaining ownership stakes.
Natural Gas Partners VI together with Davis and Kelcy Warren, co-chairman of ETE, made their investment in Energy Transfer in October 2002 in connection with the creation of a new private company to acquire a $265m package of midstream assets from Aquila.
Kenneth A Hersh, CEO of NGP Energy Capital Management, said, 'While we are pleased to have obtained partial liquidity for our investment in ETE at an attractive price, we are equally excited about the continued growth prospects for ETE and ETP. Management has demonstrated an unparalleled record of creating value for its unitholders and we will continue to be a significant owner and supporter of the companies.'
Natural Gas Partners is managed by Irving, Texas-based NGP Energy Capital Management.
Copyright © 2007 AltAssets
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