Targa Resources Corp. acquired Grand Prix NGL Pipeline - Blackstone Energy Partners' 25% interest ("Grand Prix Transaction") for approximately $1.05 billion in cash, plus a final closing adjustment of $41.9 million, a transaction completed in January 2023, structured as all cash.
Grand Prix NGL Pipeline - Blackstone Energy Partners' 25% interest ("Grand Prix Transaction") operates in Logistics and Transportation, is based in United States - Permian Basin to Mont Belvieu, Texas (NGL pipeline corridor). In January 2023, Targa completed the acquisition of Blackstone Energy Partners' 25% interest in the entity that owns the Permian-to-Mont Belvieu segment of the Grand Prix NGL Pipeline (the "Grand Prix Transaction") for approximately $1.05 billion in cash and a final closing adjustment of $41.9 million. Following the closing, Targa owns 100% of Grand Prix, including the Daytona NGL Pipeline. The transaction had an effective date of January 1, 2023.
Acquiring the remaining 25% interest gave Targa 100% ownership of the Grand Prix NGL Pipeline (including the Daytona NGL Pipeline), consolidating control of a core NGL transportation artery feeding its Mont Belvieu downstream complex.
100% ownership of a core NGL transportation pipeline integrated with Targa's Permian gathering/processing and Mont Belvieu fractionation and storage. Grand Prix NGL Pipeline within the Logistics and Transportation segment; wholly owned following the transaction.
In January 2023, we completed the acquisition of Blackstone Energy Partners' 25% interest in the entity that owns the Permian to Mont Belvieu segment of Grand Prix (the "Grand Prix Transaction") for approximately $1.05 billion in cash and a final closing adjustment of $41.9 million. Following the closing of the Grand Prix Transaction, we own 100% of Grand Prix, including the Daytona NGL Pipeline.Targa Resources Corp. FY2023 10-K, Item 1 Business (Acquisitions)
Advisory firms were not disclosed for this transaction.