Southcross Energy Partners LP has terminated its agreement to merge with American Midstream Partners LP citing AMP’s failure to achieve required conditions. In October 2017, AMP had proposed to merge Southcross Energy into a wholly owned subsidiary of AMP (OGJ Online, Nov.1, 2017).
Additionally, effective July 29, Southcross Energy parent Southcross Holdings LP terminated its October 2017 contribution agreement with AMP because of a funding failure by AMP. Under terms of the agreement, Southcross Holdings is entitled to a $17 million termination fee.