American Midstream Finalizes Sale of Propane Company

American Midstream Partners has closed the sale of the partnership’s propane marketing and services business to SHV Energy N.V. for $170 million in cash.

Through this transaction, the partnership has divested 100% of its propane business, including Pinnacle Propane’s 40 service locations, Pinnacle Propane Express’ cylinder exchange business and related logistic assets, and the Alliant Gas utility system.

The partnership expects substantially all remaining proceeds from the sale will be redeployed in its core operating areas including previously announced transactions that occurred in the third quarter of 2017.

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