OVERLAND PARK, KS / ACCESSWIRE / December 23, 2024 / Tortoise Capital Advisors, L.L.C. (Tortoise Capital), a fund manager focused on energy investing, today announced the completion of a strategic merger between Tortoise Midstream Energy Fund, Inc. (NYSE:NTG, Financial) and Tortoise Energy Infrastructure Corp. (NYSE:TYG, Financial) with TYG emerging as the continuing fund. As of Dec. 20, 2024, the combined total assets under management (AUM) of TYG was $1.0 billion.
TYG will maintain its original investment strategy and objective, becoming Tortoise Capital's flagship closed-end fund solution for investors seeking exposure to energy in the closed-end fund structure. TYG provides investors with exposure to energy infrastructure, long-lived and essential midstream, power and renewable assets. It seeks a high level of total return, emphasizing current distributions.
"This merger represents a significant milestone for Tortoise Capital," said Tom Florence, CEO. "By combining the strengths of NTG and TYG, we are better positioned to serve our investors with long-term value, enhanced scale, efficiency, and opportunities within the energy sector."
Under the terms of the merger, TYG acquired all assets and liabilities of NTG. Shares of NTG were converted into newly issued TYG shares based on their respective net asset values as of Dec. 20, 2024, at an exchange ratio of 1.27056339. The transaction reflects Tortoise Capital's commitment to providing seamless transitions for shareholders while maximizing value.
About Tortoise Capital
With approximately $9.9 billion in assets under management as of Nov. 30, 2024, Tortoise Capital's record of investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise Capital believes it is well-positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered investment adviser who manages funds that invest primarily in publicly traded companies in the energy and power infrastructure sectors-from production to transportation to distribution. For more information about Tortoise Capital, visit www.TortoiseAdvisors.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
IMPORTANT INFORMATION
Tortoise Capital Advisors, L.L.C. is the investment adviser to Tortoise Energy Infrastructure Corp. (TYG) and Tortoise Midstream Energy Fund, Inc. (NTG).
Media Contacts
Margaret Kirch Cohen/Richard Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
[email protected]
[email protected]
SOURCE: Tortoise Capital
View the original press release on accesswire.com
