American Midstream Partners to Sell Propane Business

American Midstream Partners, LP said Monday that it has agreed to sell its propane marketing and services business to SHV Energy N.V. for $170 million in cash, subject to working capital adjustments.

The sale includes Pinnacle Propane’s 40 service locations, Pinnacle Propane Express’ cylinder exchange business and related logistic assets, and the Alliant Gas utility system. The transaction is expected to close in Q3, subject to customary closing conditions, including antitrust clearance. The company also maintained its adjusted EBITDA guidance of $190 million to $205 million for 2017.

By Sonia Taylor