By OGJ editors
HOUSTON, Apr. 8 -- Crosstex Energy LP, Dallas, a midstream natural gas company, said Crosstex Louisiana Energy LP, has acquired the LIG Pipeline Co. and its subsidiaries from American Electric Power Co. Inc., Columbus, Ohio, for $76.2 million.
The acquisition increases Crosstex's assets to 4,500 miles of pipeline, 1.2 bcfd of transported volumes, and more than 700 MMcfd of processing capacity.
"This asset gives Crosstex a strategic presence all along the Gulf Coast, from South Texas to Mississippi while practically doubling our pipeline footprint," said Crosstex Pres. and CEO Barry E. Davis.
LIG, one of the largest intrastate pipelines in the state of Louisiana, has 2,000 miles of gas gathering and transmission systems in 29 parishes across Louisiana.
LIG subsidiaries acquired in the deal were LIG Inc., Louisiana Intrastate Gas Co. LLC, LIG Chemical Co., LIG Liquids Co. LLC, and Tuscaloosa Pipeline Co.
