Targa Resources Corp. has agreed to repurchase interests in its development company joint ventures from investment vehicles affiliated with Stonepeak Partners for around $925 million.
Targa had $3.2 billion of available liquidity at December 31, 2021, and intends to fund the DevCo acquisition using available liquidity.
The acquisition will close on Jan. 14. Pro forma, Targa will own a 75 percent interest in its Grand Prix NGL Pipeline, 100 percent of its Train 6 fractionator in Mont Belvieu, Texas, and a 25 percent equity interest in the Gulf Coast Express Pipeline.
Targa will benefit from a full year of Adjusted EBITDA and cash flows associated with the acquired DevCo JV assets in 2022.
Targa is one of the largest independent midstream infrastructure companies in North America. The company owns, operates, acquires, and develops a diversified portfolio of complementary midstream infrastructure assets and its operations are essential to the efficient, safe