ECA’s management team will continue to develop the assets in the newly created Greylock Energy, which is backed by ArcLight Capital Partners and led by ECA’s former CEO. (Source: Hart Energy)
In an almost effortless pirouette, Energy Corp. of America’s (ECA) management and staff are now Greylock Energy LLC employees following a deal to buy ECA’s massive Marcellus upstream and midstream assets late last month.
Greylock, backed by ArcLight Capital Partners, closed on a deal for ECA on Nov. 28. The price was not disclosed. Kyle Mork, the former CEO of ECA who now leads Greylock, said that ArcLight is backing the company with a $400 million equity commitment and that the transaction price “is embedded in that number.”
“What I can tell you is within the $400 million, even including the transaction price, we really feel like we are really positioned to grow both the upstream and midstream businesses,” Mork said in an interview with Hart Energy.