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Southcross Energy unit holders vote to approve merger with American Midstream

Southcross Energy Partners LP unit holders on March 27 voted to approve the previously proposed merger to form a $3.0 billion partnership with American Midstream Partners LP.

Over 95% of votes cast by nonaffiliated unit holders were to approve the merger proposal, which represents about 64% of all outstanding units held by such unit holders. A majority of the nonaffiliated unit holders also approved the advisory merger compensation proposal, according to a March 27 news release.

American Midstream Partners struck two separate deals to acquire Southcross Energy Partners and equity assets of Southcross Holdings LP. The merger with Southcross is part of American Midstream's effort to transform into a fully integrated gathering, processing and transmission company and provide a full midstream value chain in the Eagle Ford Basin, Southeast and Gulf Coast. The combined partnership is expected to generate over $300 million in annualized 2018 adjusted EBITDA.

The merger is expected to close in the second quarter, subject to the completion of the Southcross Holdings transaction.