El Paso to make big midstream acquisition

02/07/2000
El Paso to make big midstream acquisitionIn a move that will make it the second biggest US midstream operator, a unit of El Paso Energy Corp. is acquiring the Texas intrastate natural gas and NGL operations of PG&E Corp., San Francisco. The $840 million deal includes assumption of $561 million in debt.The acquisition involves PG&E subsidiaries PG&E Gas Transmission Texas Corp. and PG&E Gas Transmission Teco Inc. It includes extensive intrastate gas gathering, processing, transmission, and storage businesses that serve all major Texas metropolitan areas, the state's largest industrial load centers, and numerous gas trading hubs.Under terms of the agreement, El Paso will acquire 8,500 m...
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