Atlas Pipeline Partners sells NOARK gas transmission system for $300 million
Client(s) Atlas Pipeline Partners
Jones Day advised Atlas Pipeline Partners (NYSE: APL) ("APL") in its transaction with Spectra Energy Partners, LP (NYSE: SEP) to sell APL's NOARK natural gas gathering and interstate transmission system (the "NOARK System") to Spectra's operating subsidiary for $300 million in cash. The transaction is structured as a sale of 100% of the equity interests in Atlas Arkansas Pipeline LLC and Mid-Continent Arkansas Pipeline, LLC, which collectively and indirectly own the NOARK System. The NOARK System is primarily comprised of (i) a 565-mile, FERC-regulated, interstate natural gas pipeline system extending from southeast Oklahoma through Arkansas to southeast Missouri, and (ii) a 365-mile natural gas gathering system located in eastern Oklahoma and western Arkansas that is not subject to FERC regulation.