Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[eFinanceMarkets]

$TEGP Tallgrass Energy GP (NYSE:TEGP) agrees to acquire a 25.01% membership interest in Rockies Express Pipeline and ~5.62M common units of Tallgrass Energy Partners (NYSE:TEP) from Tallgrass Development.

The companies also announce that TEP has acquired a 2% membership interest in Tallgrass Pony Express Pipeline from Tallgrass Development.

TEGP also says it expects to raise its quarterly distributions by $0.12/share, an increase of ~33%.

Finally, Tallgrass says it is beginning an evaluation of potential reorganization alternatives involving TEGP and TEP.

Earlier today, TEP agreed to acquire water infrastructure assets for $95M that it says will establish its footprint in the Bakken shale and provides a platform from which to build additional midstream business in the Bakken.