Targa Resources to buy Targa Resources Partners

Tue Nov 3, 2015 7:43am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Nov 3 (Reuters) - Natural gas pipeline company Targa Resources Corp (TRC) said it would acquire the common units of Targa Resources Partners LP (TRP) it did not already own, in a deal that valued TRP at about $6.67 billion.

TRC, which has a stake of about 8.8 percent in TRP, said on Tuesday it has offered 0.62 of its share for each TRP unit.

The offer values TRP at $36.09 per share, and represents a premium of 18.4 percent to the stock's closing price on Monday, according to Reuters' calculations. (Reporting by Amrutha Gayathri in Bengaluru)