Plains All American Pipeline, L.P. PAA
today announced that it has entered into a definitive agreement and plan
of merger (the “Merger Agreement”) with PAA Natural Gas Storage, L.P.
(“PNG”) that provides for a merger whereby PNG will become a
wholly-owned subsidiary of PAA, through a unit-for-unit exchange (the
“Merger”). Under the terms of the Merger Agreement, PNG's public
unitholders will receive 0.445 common units of PAA per PNG common unit
surrendered pursuant to the Merger Agreement, plus cash in lieu of any
fractional common units of PAA otherwise issuable in the Merger.
The transaction is expected to result in approximately 14.7 million
additional common units being issued by PAA. In connection with the
closing
See full press release
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