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Laredo and Energy & Minerals to sell pipeline unit for $1.83 bln
October 2, 2017 / 12:26 PM / 2 months ago

Laredo and Energy & Minerals to sell pipeline unit for $1.83 bln

Oct 2 (Reuters) - Oil and gas producer Laredo Petroleum and private equity firm Energy & Minerals Group said they would sell their jointly-owned pipeline unit to Global Infrastructure Partners for about $1.83 billion.

The pipeline unit, Medallion Gathering & Processing LLC, is the largest privately-held crude oil transportation systems in the Midland basin of West Texas, with over 800 miles of pipeline. (bit.ly/2fCsC0k)

Energy & Minerals Group owns 51 percent and Laredo Petroleum 49 percent in Medallion. (Reporting by John Benny in Bengaluru; Editing by Arun Koyyur)

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