Hanover to Sell Rental Assets

The price is about $52 million.
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Hanover Compressor

(HC)

agreed to sell the U.S. amine treating rental assets of its subsidiary, Hanover Compression L.P., to Crosstex Energy Services, the company said in a press release.

The price is estimated at about $52 million. The deal is expected to be completed by February 2006. Upon closing, Hanover expects to record a gain from the sale.

Hanover is in the process of disposing off its non-oilfield power generation facilities and used equipment businesses to focus on core operations.

The two companies also said that they have entered into a three-year strategic alliance for compression services and equipment.

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