Targa Resources Corp. entered into a definitive agreement to acquire 25% stake in Grand Prix Natural Gas Liquids Pipeline from Blackstone Energy Partners L.P. managed by Blackstone Inc. (NYSE:BX) for $1.1 billion.

Targa Resources Corp. (NYSE:TRGP) entered into a definitive agreement to acquire 25% stake in Grand Prix Natural Gas Liquids Pipeline from Blackstone Energy Partners L.P. managed by Blackstone Inc. (NYSE:BX) for $1.1 billion on January 3, 2023. Under the terms of the transaction, Targa Resources will acquire Blackstone Energy Partners' 25% in Targa's Grand Prix NGL Pipeline for $1.05 billion in cash plus customary working capital adjustments.

On January 3, 2023, Targa announced an offering, and a portion of the net proceeds from this offering will be used to fund the transaction. Post the closing of the transaction, Targa will own 100% of Grand Prix. The acquisition is subject to customary closing conditions and is expected to close in the first quarter of 2023 with an effective date of January 1, 2023.

Truist Securities, Inc. is serving as Targa's financial advisor. Benji Barron, Ryan Carney, Brian Russell and Darren Tucker of Vinson & Elkins LLP is acting as Targa's legal counsel on the transaction. Rhett A. Van Syoc, Robert P. Goodin, Chad M. Smith, Mark Dundon, Jay P. Lefkowitz, Jeremy A. Fielding of Kirkland & Ellis acted as legal advisor to Blackstone.