QEP Resources To Sell Midstream Business To Tesoro For $2.5 Bln - Quick Facts

(RTTNews) - QEP Midstream Partners, LP (QEPM) announced that QEP Resources, Inc. (QEP), through its wholly owned subsidiary, QEP Field Services Co., agreed sell its midstream business to Tesoro Logistics LP (TLLP) in an all cash transaction valued at $2.5 billion, including $230 million to refinance debt at QEPM.

In addition to other midstream assets, Field Services owns QEPM's general partner, which owns a 2 percent general partner interest in QEPM and the Partnership's incentive distribution rights. It also has an about 56 percent limited partner interest.

The transaction will, upon closing, result in a change of control of QEPM. The transaction does not involve the sale or purchase of any QEPM common units held by the public.

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2014.