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Abstract
"This transaction advances Azure's strategic objectives of becoming part of a larger, public MLP capable of providing access to growth capital for acquisitions, and further diversifies our customer base and midstream service offerings by expanding Azure with Marlin's new and efficient processing assets within our core areas," said I.J. "Chip" Berthelot, CEO, president and director of Azure, in a statement.
Upon closing, the combined partnership will have its corporate office headquartered in Dallas with a continuing commercial presence in Houston. The partnership will be led by Azure's current executive management team, including Berthelot, currently CEO, and Azure's team of midstream veterans. The remaining partnership positions will be comprised of both Azure and Marlin personnel.
Marlin's chairman and CEO, W. Keith Maxwell III will step down from day-today management at Marlin upon closing. However, Maxwell has elected to maintain 100% of his common and subordinated unit equity stake in the combined partnership, subject to Azure's option with respect to 20% of those units. Additionally, he will continue to serve as a director of the combined partnership.