Southwestern Energy (NYSE:SWN) +4.8% premarket after agreeing to sell its Fayetteville Shale exploration and production and related midstream gathering assets for $1.865B in cash to Flywheel Energy, which the company says will reposition it to deliver greater value from higher return Appalachia assets.
Flywheel also agrees to assume $438M of future contractual liabilities after taking into account certain obligations retained by SWN.
While press release shows equity group - Kayne Anderson is putting up the $1.865 Billion - same report shows a group by the name of Flywheel Energy? Any idea who they are?
I didn't find anything on Flywheel Energy and suspect that the company is newly created by Kayne Anderson to act as the operator of the Fayetteville Shale assets.