P.M. BRIEFING : New Partnership to Buy Petrolane
Quantum Chemical Corp. and First Boston Inc., through an equally owned partnership, plan to buy the Petrolane propane gas business from Panhandle Eastern Corp. and public shareholders in a deal valued at $1.18 billion, the companies said today.
QFB Partners, the newly formed combination, will pay $450 million to Panhandle Eastern for Petrolane Inc., which consists of a 44% interest in Petrolane Partners L.P. and a 100% interest in a company that owns and leases propane tanks to the partnership.
In addition, it will spend $394.5 million for the 56% of Petrolane Partners that is owned by public shareholders. It will also take on $335 million in Petrolane debt.
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