Affiliates of Blackstone Infrastructure Partners, together with affiliates of Enagas, GIC, NPS and USS, have entered into a definitive merger agreement with Tallgrass Energy (TGE) to acquire all of its publicly held outstanding class A shares for $22.45 in cash per share.
The sponsors expect to fund the purchase with $3 billion of equity, with the remainder of the funding provided by debt.
TGE said it unanimously approved the transaction and determined it to be in the best interests of the company and its public shareholders.
The deal is expected to close in second quarter 2020, subject to the satisfaction of customary conditions.