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Spartan Energy Acquires CSI Compressco LP's General Partner in Deal Valued at USD 13.95m.

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Vincent

MANews-(C)2009-2021

Texas-based compression and processing services Spartan Energy Partners LP has agreed to acquire a general partner of US-based CSI Compressco LP, including incentive distribution rights (IDRs) and a majority of the common units in CSI Compressco previously owned by Tetra Technologies, for a consideration of USD 13.95m, the company said.

If certain financial targets are achieved by CSI Compressco, TETRA will be entitled to a contingent payment from Spartan of USD 3.1m.

In December, 2020 TETRA sold to Spartan 15 large horsepower compressors that are subject to a lease agreement with CSI Compressco for USD 14.2m.

CSI Compressco will continue to be listed on NASDAQ and does not expect any changes to its capital structure as a result of this transaction. CSI Compressco will not issue any common units nor incur any incremental indebtedness as a result of the transaction.

With Spartan's existing capabilities, the company expects to strengthen CSI Compressco's market...

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