Atlas Pipeline Partners, L.P. says that the Partnership has executed a definitive agreement to acquire 100% of the equity interests of TEAK Midstream, L.L.C. (TEAK), a privately owned midstream operator, for $1 billion in cash.

Eugene Dubay , Chief Executive Officer of the Partnership, commented, "We are very excited about the acquisition of TEAK Midstream. We have been looking at the Eagle Ford shale for a number of years and are fortunate to have found what we believe is the ideal entry point. TEAK's assets are the highest quality and best positioned for growth with minimal capital requirements. The assets are new, highly efficient, and are located in the heart of one of the most prolific plays in North America. The addition of the TEAK assets will not only diversify the Partnership's cash flows by adding a highly attractive new area of operations, but it has a large amount of embedded organic growth, which could more than triple the size of the complex, as it looks today. This purchase fits well with our strategy of having scale as a gathering and processing midstream company in highly attractive, liquids-rich areas with significant producer activity and organic growth opportunities. We would like to welcome all of the employees from TEAK to Atlas Pipeline and also thank all of our stakeholders for their continued support."

Tags: Atlas Pipeline Partners