Regency Energy Partners LP has closed on its previously announced acquisition of the midstream business of Hoover Energy Partners LP (Hoover) for a combination of cash and Regency common units. Regency issued 4,040,471 Regency common units to Hoover and funded the cash portion of the consideration with borrowings under Regency's revolving credit facility.

This acquisition further enhances Regency's geographic footprint in the Delaware Basin in West Texas and expands its suite of producer services by adding crude and water gathering services in one of Regency's core operating regions. In addition, the Hoover assets are already connected to Regency's existing Permian Basin rich-gas gathering system which is expected to facilitate a quick integration.

Tags: Regency Energy Partners LP