Regency Energy Partners LP (NYSE: RGP) closed its $5.6 billion acquisition of PVR Partners LP (NYSE: PVR), creating a massive presence in the hottest shale plays in North America, the companies announced March 21.

The transaction creates a leading gas gathering and processing platform with a scaled presence across unconventional oil and gas plays in Appalachia, West Texas, South Texas, the Midcontinent and North Louisiana.

The combined company plans to capitalize on the long-term growth of North American gas production through incremental, high-value expansions around its core asset base as well as other growth and acquisition opportunities.

“This is a compelling, strategic opportunity for Regency, and we are excited to see this merger come together. The addition of PVR’s asset base in the Marcellus, Utica and Granite Wash supply areas provides Regency with diversification into attractive, high-growth regions, and also provides substantial opportunities for accretion through ongoing and proposed organic growth projects. These projects are expected to provide a platform for growth in EBITDA and DCF over the coming years, which we believe strengthens our long-term distribution outlook,” Mike Bradley, Regency CEO, said in the release.

The deal consisted of a unit-for-unit transaction and a one-time cash payment to PVR unitholders presently valued at $5.6 billion, including the assumption of net debt of $1.8 billion. Effective with the closing of the market March 20, PVR, based in Radnor, Pa., ceased to be a publicly traded company and its common stock discontinued trading on the NYSE.

Regency Energy Partners is a Dallas-based master limited partnership engaged in natural gas gathering and processing, transportation, contract compression and treating, crude oil gathering, water gathering and disposal, and natural gas liquids transportation, fractionation and storage. Regency's general partner is owned by Energy Transfer Equity LP (NYSE: ETE).