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

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.