Antero Resources Corp. (AR) said Sept. 18 it would sell its business that delivers fresh water to the shale industry to its MLP, Antero Midstream Partners LP, in a deal valued at $1.05 billion including debt.

Antero Midsteam will pay Antero resources $552 million in cash and 23.9 million common units, which works out to $483.9 million based on the stock's Sept. 17 close.

Antero Resources will also receive two $125 million earnout payments at the end of 2019 and 2020 if certain delivery targets are met.

Antero Midsteam, which debuted in November, was granted the option to purchase Antero Resources' water distribution assets upon completion of its IPO.

The unit delivers water from the Ohio river and other regional water sources for well completion operations in both the Marcellus and Utica shales.

Antero Midstream Partners LP is a limited partnership formed by Antero Resources Corp. to own, operate and develop oil and gas pipelines.

Antero Midstream also raised its full-year forecast for EBITDA to $170- to $180 million from $150- to $160 million.