Breitburn: Early Termination Of HSR Act Waiting Period For Purchase Of QR Energy

(RTTNews) - Breitburn Energy Partners LP (BBEP) and QR Energy LP (QRE) said Tuesday they received notification of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with Breitburn's proposed merger with QR Energy, thereby satisfying a condition to the closing of the transaction.

The transaction is subject to other regulatory approvals and customary closing conditions, including the approval of QR Energy unitholders, and is expected to close in late 2014 or early 2015.

In July, Breitburn and QR Energy entered into a merger deal pursuant to which Breitburn will acquire QR Energy in a unit-for-unit exchange implying a transaction value of about $3 billion, including QR Energy's existing net debt and outstanding Class C Convertible Preferred Units.

The deal will result in Breitburn becoming the largest, oil-weighted upstream oil and gas master limited partnership with a pro forma enterprise value of about $7.8 billion and current average daily production of nearly 57,300 boe/d.