EV Energy Partners LP signed an agreement to divest its 9% interest in Cardinal Gas Services LLC to E1 and a Korean consortium led by Samchully for $162 million. The agreed upon amount includes estimated purchase price adjustments of about $18 million.
The sale is being made in conjunction with TOTAL E&P USA Inc., which agreed to also divest its 25% interest in Cardinal Gas Services. Closing is expected in mid-October and is subject to regulatory approval, tag-along rights and approval of the other member of Cardinal Gas Services, as well as customary closing conditions and purchase price adjustments.
EV Energy Partners plants to use proceeds from the sale to repay outstanding amounts under its revolving credit facility.
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