Tulsa-based Unit Corporation announced Wednesday it has closed on a previously announced deal to sell 50% interest in its Superior Pipeline Company LLC.
The $300 million sale is with SP Investor Holdings LLC which is jointly owned by OPTrust and funds managed and advised by Partners Group, a global private markets investment manager.
Unit intends to use proceeds to accelerate its drilling program of its upstream subsidiary, Unit Petroleum company. The company also intends to make additional capital investments in the jointly-owned Superior and to reduce corporate debt.
Larry Pinkston, CEO and President, said: “This strategic transaction is beneficial to Unit on multiple fronts. It highlights the current value of Superior, provides growth opportunities for all three business segments, reduces corporate debt, and improves overall liquidity.”