PAA buys natural gas storage facility for $750M

by Wally Northway

Published: February 11,2011

Tags: energy, mergers and acquisitions, natural gas, natural gas storage

GREENE COUNTY — PAA Natural Gas Storage, L.P., has completed the previously announced acquisition of SG Resources Mississippi, LLC, which owns the Southern Pines Energy Center natural gas storage facility in Greene County.

The purchase price, which is subject to post-closing adjustments, was approximately $750 million.

PNG is a publicly traded master limited partnership engaged in the development, acquisition, operation and commercial management of natural gas storage facilities. It currently owns and operates three natural gas storage facilities located in Louisiana, Mississippi and Michigan.

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