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Targa Resources to buy Targa Resources Partners
November 3, 2015 / 12:43 PM / 2 years ago

Targa Resources to buy Targa Resources Partners

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)

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