Private Equity Firm Proposes Buyout of Legacy Reserves

摘要

Upstream master limited partnership (MLP) Legacy Reserves has received a $435 million buyout offer from private equity giant Apollo Management. If successful, the deal would break the silence between private equity and the energy industry that took hold of the market last fall. On Friday, Legacy's general partner received a buyout proposal from Apollo in which the private equity firm offered to purchase Legacy's 31 million outstanding units for $14 per unit - a 40% premium to the MLP's closing share price last week.