CornerStone Sells Wholesale Assets to Enterprise, Believes Financial Resources Adequate.
Posted: Aug 29, 2008 08:30:17
CornerStone Propane Partners, L.P. (BULLETIN BOARD: CNPPE) , one of the nation's largest retail propane marketers, announced today that it has closed on the sale of its Coast Energy Group ("CEG") wholesale propane business, including its four remaining terminals and propane inventory, to Enterprise Products Partners L.P. ("Enterprise") for approximately $12 million in cash.
At the same time, CornerStone and Enterprise concluded a supply agreement that effectively outsources CornerStone's propane procurement to Enterprise on favorable terms. Pursuant to the terms of the supply agreement, Enterprise will supply CornerStone with all of its propane requirements.
