Targa Resources to acquire an additional stake in DevCo JV from Stonepeak for $925m.

Financials

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Transaction Value£680m

Consideration TypeCash

Capital Owned-

Capital Bid For-

EV/Sales-

EV/EBITDA-

Share Price Premium-

One Off Charge-

bidder

Targa Resources Corp

vendor

Stonepeak Infrastructure Partners

target

Targa (development Company Jv)

Sources

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Press Release

Targa Resources - 10 Jan 2022

Tags

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Oil Equipment and Services

Friendly

Single Bidder

Pending

Majority

Acquisition

Private Equity

Domestic

United States

pipelines

Private

Synopsis

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Targa Resources, a provider of midstream services, agreed to acquire an additional stake in DevCo JV, a pipeline operator, from Stonepeak for $925m. Targa will own a 75% interest in its Grand Prix NGL Pipeline, 100% of its Train 6 fractionator in Mont Belvieu, TX, and a 25% equity interest in the Gulf Coast Express Pipeline.