P.M. BRIEFING : New Partnership to Buy Petrolane
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NEW YORK — Quantum Chemical Corp. and First Boston Inc., through an equally owned partnership, plan to buy the Petrolane propane gas business from Panhandle Eastern Corp. and public shareholders in a deal valued at $1.18 billion, the companies said today.
QFB Partners, the newly formed combination, will pay $450 million to Panhandle Eastern for Petrolane Inc., which consists of a 44% interest in Petrolane Partners L.P. and a 100% interest in a company that owns and leases propane tanks to the partnership.
In addition, it will spend $394.5 million for the 56% of Petrolane Partners that is owned by public shareholders. It will also take on $335 million in Petrolane debt.
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