ArcLight buys stake in American Midstream GP
ArcLight affiliate acquires controlling stake in American Midstream general partner
DENVER (AP) -- An affiliate of ArcLight Capital has acquired a controlling stake in a general partner of American Midstream Partners LP, the natural gas company said Tuesday.
High Point Infrastructure Partners LLC bought 90 percent of American Midstream GP LLC and all of American Midstream's subordinated units from an affiliate of American Infrastructure MLP Funds LP.
In connection, American Midstream said it issued $90 million of Series A convertible preferred units to High Point in exchange for its operating assets and about $15 million in cash. High Point includes about 700 miles of onshore and offshore gathering and transmission assets, American Midstream said.
ArcLight Capital Partners LLC said its investment in American Midstream will solidify the partnership's financial position and provide greater flexibility.
American Midstream units rose 40 cents to $16.62 in afternoon trading.
