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Exterran Holdings sells assets to partnership
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(AP:HOUSTON) Oil and natural gas services provider Exterran Holdings Inc. said Friday that it will sell some customer contracts for compressor services to Exterran Partners LP, a partnership in which it holds a major interest.
Exterran Holdings said it will get $174 million in shares from Exterran Partners, including 7.1 million common units and 145,000 general partner units.
It said the sale is designed to make Exterran Partners "the growth vehicle for our contract operations business in the United States."
The deal has been approved by the independent directors of Exterran Partners' board. The companies say the deal should close in March or April.
Shares of Exterran Holdings rose a penny to $26.58 in midday trading. Units of Exterran Partners gained 83 cents, or 3.5 percent, to $24.80.
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