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Cheniere offers to buy out its MLP's holding company

LNG exporter Cheniere Energy Inc. offered to buy all of the outstanding shares of Cheniere Energy Partners LP Holdings LLC that it does not already own, a move that would consolidate the parent company's control over its master limited partnership that operates the Sabine Pass Liquefaction LLC LNG terminal in Louisiana.

Under the proposal, Cheniere would issue 0.45 share for each outstanding Cheniere Partners Holdings share, for an estimated value of $28.24 per Cheniere Partners Holdings share, according to a May 17 news release. The holding company's stock closed at $27.94 on May 16.

The transaction would result in a merger of Cheniere Partners Holdings with a subsidiary of Cheniere. It is expected to be a tax-free exchange for shareholders of the holding company.

Cheniere owns about 91.9% of Cheniere Partners Holdings' issued and outstanding shares.

Cheniere Partners Holdings holds a 48.6% limited partner interest in MLP Cheniere Energy Partners LP.