Archrock Partners LP will acquire assets from Archrock Inc., including 63 customer contracts and about 270 compressor units that provide compression services under those contracts, according to an Oct. 31 press release.

Total consideration is about $85 million. The compressor units have about 150,000horsepower (hp) and represent about 4% (by available hp) of the combined contract operations business of Archrock Inc. and Archrock Partners.

Archrock Inc.’s affiliates will receive consideration of newly issued Archrock Partners common units and general partner units. The number of common units will be determined by the daily volume weighted average price of Archrock Partners’ common units over the 30 trading days preceding the closing date, which is expected in the fourth quarter of 2016.

If the transaction closes before Archrock Partners’ third-quarter 2016 distribution record date, Archrock Inc. will waive receipt of Archrock Partners’ third-quarter distribution on the limited and general partner units in the transaction. Archrock Inc. will receive the distributions associated with these units beginning with Archrock Partners’ fourth-quarter 2016 distribution, which is expected to be paid in February 2017.

The transaction was approved by the conflicts committee of the board of directors of Archrock Partners’ managing general partner. The conflicts committee is composed entirely of independent directors, and retained independent legal and financial advisers.