Regency Energy Partners has completed the acquisition of the midstream business of Hoover Energy Partners.

Regency funded the cash portion of the consideration with borrowings under its revolving credit facility, and issued 4,040,471 common units to Hoover.

As part of the deal, Regency acquired Hoover’s midstream business of around 800 miles of crude oil, natural gas and water gathering pipelines, two treating plants and a processing plant in Ward, Reeves and Pecos counties in the southern portion of Delaware basin.

The Perry Ranch station, which is backed by a 20-year dedication, is a major destination for crude gathered by a customer in the region.

Regency Energy Partners executive vice president and chief commercial officer Jim Holotik said the Hoover assets are very complementary to company’s existing Permian basin assets.

"The Hoover system includes more than 200,000 acres dedicated to crude oil gathering with existing pipeline takeaway that will expedite Regency’s crude oil gathering expansion plans for the region," Holotik added.