MGE is a division of Southern Union Company, which is a subsidiary of ETP.
ETP anticipates the sale of the assets of Southern Union’s New England Gas Company (NEG) natural gas distribution division for $60m to be completed during the fourth quarter of 2013.
The company said the sale of the MGE and NEG assets is an important step in its efforts to streamline and integrate its asset portfolio through the divestiture of non-core assets.
ETP currently has natural gas operations, which include about 33,000 miles of gathering and transportation pipelines, treating and processing assets, and storage facilities.
The company owns 100% of ETP Holdco, which owns Southern Union Company and Sunoco, and a 70% interest in Lone Star NGL, a joint venture that owns and operates natural gas liquids storage, fractionation and transportation assets.
