Antero Midstream Acquires Full Control of Power Plant
Ticker: AM · Form: 8-K · Filed: 2024-08-08T00:00:00.000Z
Sentiment: neutral
Topics: acquisition, energy, infrastructure
Related Tickers: AM
TL;DR
AM buys out partner for $150M, takes full control of South Point power plant.
AI Summary
Antero Midstream Corporation (AM) announced on August 8, 2024, that it has entered into a definitive agreement to acquire the remaining 50% interest in the South Point Energy Center, a natural gas-fired power plant, from an affiliate of ArcLight Capital Partners. This transaction is valued at approximately $150 million and is expected to close in the third quarter of 2024.
Why It Matters
This acquisition allows Antero Midstream to fully own and operate a critical energy infrastructure asset, potentially enhancing its operational control and financial returns from the power plant.
Risk Assessment
Risk Level: medium — The acquisition involves a significant financial commitment and integration risks associated with fully owning and operating the power plant.
Key Numbers
- $150 million — Acquisition Cost (Total value of the transaction for the remaining 50% interest.)
Key Players & Entities
- Antero Midstream Corporation (company) — Registrant
- South Point Energy Center (company) — Asset being acquired
- ArcLight Capital Partners (company) — Seller's affiliate
- $150 million (dollar_amount) — Acquisition value
- August 8, 2024 (date) — Announcement date
- third quarter of 2024 (date) — Expected closing period
FAQ
What is the specific nature of the asset being acquired?
Antero Midstream is acquiring the remaining 50% interest in the South Point Energy Center, which is a natural gas-fired power plant.
Who is the seller in this transaction?
The seller is an affiliate of ArcLight Capital Partners.
What is the total value of this transaction?
The transaction is valued at approximately $150 million.
When is the transaction expected to close?
The transaction is expected to close in the third quarter of 2024.
What was Antero Midstream's prior ownership stake in the South Point Energy Center?
Prior to this agreement, Antero Midstream owned 50% of the South Point Energy Center, and will acquire the remaining 50%.
From the Filing
0001104659-24-087043.txt : 20240808 0001104659-24-087043.hdr.sgml : 20240808 20240808083620 ACCESSION NUMBER: 0001104659-24-087043 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240808 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20240808 DATE AS OF CHANGE: 20240808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Antero Midstream Corp CENTRAL INDEX KEY: 0001623925 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 611748605 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38075 FILM NUMBER: 241186245 BUSINESS ADDRESS: STREET 1: 1615 WYNKOOP STREET CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: (303) 357-7310 MAIL ADDRESS: STREET 1: 1615 WYNKOOP STREET CITY: DENVER STATE: CO ZIP: 80202 FORMER COMPANY: FORMER CONFORMED NAME: Antero Midstream GP LP DATE OF NAME CHANGE: 20170505 FORMER COMPANY: FORMER CONFORMED NAME: Antero Resources Midstream Management LLC DATE OF NAME CHANGE: 20141031 8-K 1 tm2421064d1_8k.htm FORM 8-K false 0001623925 0001623925 2024-08-08 2024-08-08 iso4217:USD xbrli:shares iso4217:USD xbrli:shares     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549       FORM  8-K       CURRENT REPORT   Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of report (Date of earliest event reported): August 8, 2024       ANTERO MIDSTREAM CORPORATION (Exact name of registrant as specified in its charter)       Delaware   001-38075   61-1748605 (State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification Number)   1615 Wynkoop Street Denver , Colorado 80202 (Address of Principal Executive Offices) (Zip Code)   Registrant’s Telephone Number, Including Area Code ( 303 ) 357-7310       Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, par value $0.01 Per Share   AM   New York Stock Exchange   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   Emerging growth company  ¨   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨           Item 7.01 Regulation FD Disclosure.   On August 8, 2024, Antero Midstream Corporation posted an updated investor presentation on its website at www.anteromidstream.com.   The information furnished in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorp