Tallgrass Energy Partners LP (NYSE: TEP) closed on the acquisition of an additional 33.3% interest in Tallgrass Pony Express Pipeline LLC for cash consideration of $700 million, the company said in a March 2 statement. The acquisition increases TEP’s membership interest in Pony Express to 66.7%.

“Consistent with our first Pony Express acquisition, we expect this transaction to be immediately accretive to unitholders and expect to recommend that our board of directors increase our distribution over the next two quarters by an aggregate of at least 15%, providing clear visibility toward achieving our previously announced distribution growth guidance of approximately 20% for 2015,” said Tallgrass President and CEO, David G. Dehaemers, Jr.