D - Brookfield to Buy Blackstone's Stake in Cheniere Energy Partners
Brookfield Asset Management (NYSE: BAM) has agreed to acquire an interest in liquefied natural gas (LNG) producer Cheniere Energy Partners (NYSEMKT: CQP) from private equity giant Blackstone Group (NYSE: BX), according to a report by Bloomberg. The deal price of $34.25 per unit (slightly below its current price of $38.67 a unit) values Blackstone's 41% interest in Cheniere at roughly $7 billion.
Bloomberg had previously reported that Brookfield was negotiating with Blackstone to acquire its stake in Cheniere Energy Partners, which operates the Sabine Pass LNG export terminal in Louisiana. The two companies have since sealed a deal. According to an SEC filing, Blackstone Infrastructure Partners and Brookfield Infrastructure will team up to acquire the 41% interest in Cheniere currently held by Blackstone Energy Partners. Blackstone Infrastructure will purchase 50.01%, while Brookfield Infrastructure will buy 49.99% of the minority stake. If either entity cannot complete their side of the agreement, the other will have the right to purchase the entire interest.
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