PHILADELPHIA, Feb. 27,
2015 /PRNewswire/ -- Atlas Energy, L.P. (NYSE: ATLS) ("Atlas
Energy" or "ATLS") and its midstream oil and gas subsidiary, Atlas
Pipeline Partners, L.P. (NYSE: APL) ("Atlas Pipeline" or "APL"),
have announced the completion of the merger transactions of Atlas
Energy with a subsidiary of Targa Resources Corp. (NYSE: TRGP)
("TRC") ("ATLS Merger") and Atlas Pipeline with a subsidiary of
Targa Resources Partners LP ("TRP") ("APL Merger"). The
consummation of the mergers follows the approval of the merger by
ATLS and APL unitholders as well as TRC stockholders at special
meetings which occurred on Friday, February
20, 2015.
As a result of the ATLS Merger, each ATLS investor of record as
of the close of business on Friday, February
27, 2015 will receive $9.12 in
cash and 0.1809 in TRC shares for each ATLS unit owned. In
addition, at the close of business on Friday, February 27, 2015 each ATLS unitholder
will receive one Atlas Energy Group, LLC ("AEG") common unit for
every two ATLS common units held as of the record date for the
distribution. AEG will hold Atlas Energy's non-midstream assets as
a result of the spin-off from ATLS, and will trade on the NYSE
under the ticker symbol "ATLS" beginning Monday, March 2, 2015.
Following the APL Merger, each APL investor of record as of the
close of business on Friday, February 27,
2015 will receive 0.5846 units of TRP and $1.26 in cash for each APL unit owned.
Atlas Energy Group, L.L.C. is a master limited
partnership which, subsequent to the spin-off of Atlas Energy,
L.P.'s non-midstream assets, will own the following interests: all
of the general partner interest, incentive distribution rights and
an approximate 28% limited partner interest in its upstream oil
& gas subsidiary, Atlas Resource Partners, L.P.; the general
partner interests, incentive distribution rights and limited
partner interests in its private E&P development subsidiary;
and a general partner interest in Lightfoot Capital Partners, an
entity that invests directly in energy-related businesses and
assets. For more information, please visit our website at
www.atlasenergy.com, or contact Investor Relations at
InvestorRelations@atlasenergy.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein are "forward-looking
statements" that are subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements that involve a number of assumptions, risks and
uncertainties that could cause actual results to differ materially
from those contained in the forward-looking statements. Readers are
cautioned that any forward-looking information is not a guarantee
of future performance. Risks and uncertainties related to the
proposed transaction include, among others: the risk that the other
conditions to the closing of the mergers are not satisfied;
potential adverse reactions or changes to business or employee
relationships, including those resulting from the announcement or
completion of the mergers; competitive responses to the proposed
merger; costs and difficulties related to the integration of ATLS's
and APL's businesses and operations with TRC's and TRP's business
and operations; the inability to obtain, or delays in obtaining,
the cost savings and synergies contemplated by the mergers;
uncertainty of the expected financial performance of the combined
company following completion of the proposed transaction;
unexpected costs, charges or expenses resulting from the mergers;
litigation relating to the merger; the outcome of potential
litigation or governmental investigations; the inability to retain
key personnel; and any changes in general economic and/or industry
specific conditions; and other risks, assumptions and uncertainties
detailed from time to time in AEG's and ARP's reports filed with
the SEC, including quarterly reports on Form 10-Q, current reports
on Form 8-K and annual reports on Form 10-K. Forward-looking
statements speak only as of the date hereof, and we assume no
obligation to update such statements, except as may be required by
applicable law.
Contacts:
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Brian
Begley
|
|
Vice President,
Investor Relations – Atlas Energy
|
|
(877)
280-2857
|
|
(215) 405-2718
(fax)
|
|
|
|
Matthew
Skelly
|
|
Vice President,
Investor Relations – Atlas Pipeline
|
|
(877)
950-7473
|
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(215) 561-5692
(fax)
|
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SOURCE Atlas Energy, L.P.