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Cheniere proposes $1.01B stock-for-stock buyout of Cheniere Partners Holdings

on Sept. 30proposed to buy out all of Cheniere Energy Partners LP Holdings LLC's shares it doesnot already own in a stock-for-stock deal valued at $1.01 billion.

Under themerger proposal, Cheniere would issue 0.5049 share for each of outstandingshare of Cheniere Partners Holdings, which represents a value of $21.90 pershare. The consideration represents a premium of about 3% over both entities'closing price as of Sept. 29, according to a Sept. 30 news release.

Chenierecurrently owns 80.1% of Cheniere Partners Holdings' shares. If the deal goesthrough, Cheniere Partners Holdings will become a wholly owned subsidiary ofCheniere.

"Webelieve the proposed transaction is attractive to investors in ChenierePartners Holdings who, as new LNG shareholders, would have the opportunity toparticipate in the future success of the entire Cheniere complex," saidJack Fusco, president and CEO of Cheniere.

The deal works to simplify Cheniere's overall structure,Pavel Molchanov, an analyst at Raymond James & Associates Inc., said in aphone interview. 

"[Cheniere Partners Holdings] in the eyes of many investorswas somewhat of a useless complication," Molchanov said. "Getting ridof it is a paper exercise ... it just makes the story more streamlined."

ChenierePartners Holdings owns a 55.9% limited partner interest in , whichowns the Sabine Pass LNG regasification facility and the connected . Cheniere Energy Partners is also the developer of the SabinePass liquefaction and export project, which will include six liquefactiontrains capable of producing roughly 3.5 Bcf/d of LNG.