Atlas Energy (ATLS) has announced that it has approved the record and distribution dates for the spin-off of its non-midstream assets (“the Spin-Off”) and declared a distribution to the ATLS unitholders of common units representing a 100% limited liability company interest in Atlas Energy Group, LLC, a wholly owned subsidiary of ATLS that will hold ATLS’s assets and liabilities other than those related to it midstream business (“New Atlas”).
The distribution of New Atlas units is expected to be effective on 2/28 in conjunction with the previously announced proposed mergers of ATLS and Atlas Pipeline Partners, (APL) with Targa Resources Corp. ( TRGP) and Targa Resources Partners LP (NGLS) , respectively. New Atlas common units are expected to begin regular trading on or about 3/2 on the NYSE under the symbol “ATLS.”
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