Antero Midstream Partners LP's common unit holders and Antero Midstream GP LP's shareholders approved a simplification deal between the partnerships, bringing the transaction one step closer to completion.
About 93.8% of outstanding Antero Midstream Partners common units voted in favor of the planned merger, including 86.8% of outstanding common units held by unit holders other than the partnership's sponsor Antero Resources Corp., the original private equity sponsors, series B holders and affiliates of Antero Midstream Partners' general partner.
At Antero Midstream GP, about 80.0% of outstanding common shares, not including those held by the original private equity sponsors, series B holders and affiliates of the partnership's general partner, voted to approve the deal.
At deal closing, scheduled on March 12, Antero Midstream GP would change its name to Antero Midstream Corp., which would trade on the New York Stock Exchange under the ticker symbol AM. Antero Midstream units and Antero Midstream GP shares would cease trading. The new Antero Midstream would also be structured as a C-corp for governance and tax purposes.
Antero Midstream Partners operates gathering, processing and other midstream energy assets in West Virginia and Ohio, mostly serving the Appalachian Basin-focused producer Antero Resources' properties. Antero Midstream GP owns the general partner of and indirectly owns the incentive distribution rights in Antero Midstream Partners.