Monday, August 3, 2015

Penn Virginia to pay $1B for shale-gas pipelines

The Radnor firm will expand its operations in northeastern Pennsylvania with the purchase announced on a busy day for mergers and acquisitions.

Penn Virginia to pay $1B for shale-gas pipelines

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Somebody opened the deal window.

Philadelphia-area companies are buyers, sellers and prey in separate transactions announced Tuesday.

First up, Penn Virginia Resource Partners L.P. said it will buy pipelines that serve Marcellus shale natural gas producers in northeastern Pennsylvania from Chief E&D Holdings L.P. for $1 billion. Radnor-based Penn Virginia plans to finance the deal through a combination of equity and debt.

Next, TE Connectivity Ltd. agreed to sell two businesses. The Gores Group will pay $380 million to buy TE's Touch Solutions business, and unit of KGP Logistics will pay $23.5 million for the TE Professional Services business. With headquarters in Berwyn, TE had $14 billion in sales last year.

Finally, a private-equity firm called Genstar Capital L.L.C. is gobbing up Philadelphia-based eResearchTechnology Inc. for $400 million, or $8 per share, in cash.The board of the company that provides various services to pharmaceutical and contract research organizations said the price reflects a 38 percent premium to eResearchTechnology's average closing price for the last 90 days.

EResearchTechnology reported net income of $13.7 million, or 28 cents per share, on net revenues of $184.9 million in 2011.

Three deals before 9 a.m.? What will the rest of the day bring?

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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