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Reliance Industries has closed the sale of its interest in EFS Midstream LLC to an affiliate of Enterprise Products Partners L.P. RIL said in a press statement.
In a joint transaction announced on May 31, 2015, Reliance and Pioneer Natural Resources Company agreed to sell their respective ownership interests (of 49.9% and 50.1%) in EFS to an affiliate of Enterprise Product Partners L.P. for an aggregate consideration of $2,150 million.
Under the terms of the definitive agreements, Reliance received gross cash consideration of $574 million towards the first tranche of sale proceeds. Following retirement of debt at EFS level and other adjustments customary for similar transactions, Reliance received net proceeds of $528 million at the closing today.
