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November 9, 2010
NEW YORK, November 9, 2010 — Atlas Pipeline Holdings L.P. and Atlas Energy, Inc. announced today that they have entered into an agreement for Atlas Holdings to acquire from its parent, Atlas Energy, all of Atlas Energy’s partnership management business and certain producing oil & gas assets for total consideration of $250 million, consisting of $220 million in newly issued Atlas Holdings common units and $30 million in cash. Covington & Burling LLP advised the Special Committee of Board of Directors of Atlas Holdings on the transaction.
Atlas Holdings is a limited partnership which owns and operates the general partner of Atlas Pipeline Partners, L.P., through which it owns a 1.9% general partner interest, all the incentive distribution rights and approximately 5.8 million common limited partner units of Atlas Pipeline. Atlas Pipeline is active in the gathering and processing segments of the midstream natural gas industry. Atlas Energy is one of the largest independent natural gas producers in the Appalachian and Michigan Basins and a leading producer in the Marcellus Shale in Pennsylvania.
The New York and Washington-based Covington team was led by corporate partner Stephen Infante assisted by partner Scott Smith and associates Mary Grendell, Jennifer Presto and Silas Lum*. Also advising on the transaction were partner David Rosinus and associate Karen Chao (finance), partner Robert Newman and associate Christen Sewell (employee benefits), partner Corinne Goldstein (environmental), and partner Rob Heller and associate Rucia Pei (tax).
*Not yet admitted to practice.