August 8, 2018 / 8:52 PM / a month ago

Apache, Kayne Anderson form $3.5 bln Permian basin pipeline firm

Aug 8 (Reuters) - U.S. oil producer Apache Corp will contribute some of its oil and gas pipeline assets to its joint venture with investment firm Kayne Anderson to create a pipeline company in the prolific Permian basin in Texas.

Kayne Anderson Acquisition Corp will contribute $952 million in cash.

The new company, Altus Midstream Co, will have a market value of $3.5 billion, Apache said. (Reporting by Karan Nagarkatti in Bengaluru; Editing by Sai Sachin Ravikumar)

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