Chesapeake Midstream Partners, which in June became a wholly owned Global Infrastructure Partners (GIP) company in a $2 billion deal, has been renamed Access Midstream Partners, GIP said in a press statement.
As of Tuesday, newly minted Access, a publicly listed company, will trade under the ticker sign ACMP on the New York Stock Exchange (NYSE). The stock yesterday ended trading at $28.46 a share. Its 52-week high is listed as $31.19.
“As a fully independent publicly traded partnership, we are completing the ownership transition process by announcing our new partnership name,” said Mike Stice, chief executive of Access.
GIP, a $10 billion infrastructure investment fund located in London and New York, launched Access as Chesapeake Midstream Partners in a joint venture with Chesapeake Energy Corporation. GIP and Chesapeake Energy split ownership of Chesapeake Midstream, and GIP in 2010 helped guide Chesapeake Midstream to its successful initial public offering in 2010.
Publicly listed Chesapeake Midstream settled into a run as a Wall Street favourite, a blue chip stock in a high-growth industry – natural gas pipeline operation. But by 2012, parent company Chesapeake Energy, beset by a corporate governance issue involving chief executive Aubrey McClendon, began to come under criticism for its underperformance.
A subsequent shareholder revolt led to McClendon being forced to relinquish his role as company chairman, as well as a call to sell Chesapeake Midstream.
In addition to getting a name change, Access said chief executive Stice, as well as chief operating officer Robert Purgason and GIP principal William Brilliant have been named to its board. Brilliant is an energy investing specialist who had worked for defunct Wall Street firm Lehman Brothers.