General Electric Unit Buys Majority Stake In Lightfoot Capital

By Philadelphia Business Journal

GE Energy Financial Services has paid $85 million for a majority stake in a master limited partnership that was co-founded by a predecessor to Philadelphia-based Atlas Energy LP in 2007.

The Houston-based unit of Fairfield, Conn.-based General Electric Co. (NYSE:GE) bought a general-partner interest and a 58 percent limited-partner interest in Lightfoot Capital Partners LP. New York-based Lightfoot is the general partner and majority owner of Arc Terminals LP, which operates oil and petroleum-products terminals in eight states.

GE said Monday in a press release that it bought the stake in Lightfoot from an investment vehicle managed by an affiliate of Evanston, Ill.-based Magnetar Capital LLC.

Atlas America Inc., Magnetar and other investors formed Lightfoot

to invest in other master limited partnerships.

Atlas Energy (NYSE:ATLS) said in a press release Monday that it has a 16 percent general-partner interest and 12 percent limited-partner interest in Lightfoot.

In connection with GEâ¿¿s investment in it, Lightfoot said Monday in a press release that it will take a 48 percent interest in Arc LNG Holdings LLC, which will own a 20 percent interest in Gulf LNG Energyâ¿¿s liquefied natural gas terminal in Pascagoula, Miss.

GE and Houston-based El Paso Corp. (NYSE:EP) each own 50 percent of Gulf LNG.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/philadelphia/news/2011/10/24/general-electric-unit-buys-majority.html?ana=thestreet

Copyright bizjournals.com 2010

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