DCP Midstream secures $100 million from PIPE as part of acquisition

By Sheri Kasprzak

New York, May 21 - DCP Midstream Partners is gearing up to complete a $100 million private placement of common units as part of its acquisition of subsidiaries of Momentum Energy Group, Inc.

The terms of the offering have not been released.

Under the terms of the acquisition, DCP Midstream Partners plans to buy, for an expected $165 million, the subsidiaries of Momentum Energy Group, Inc. that are currently owned by DCP Midstream, LLC. Closing of the deal is contingent upon the completion of the acquisition.

Proceeds from the deal will be used to fund a portion of the acquisition price.

DCP Midstream Partners, based in Denver, is a natural gas and natural gas liquids transportation company.

On Monday, the stock gained 23 cents to close at $44.00 (NYSE: DPM).

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