Targa Resources Corp. acquires Southcross Energy Operating LLC and its subsidiaries ("Southcross" / "South Texas Acquisition")
Snapshot
Targa Resources Corp. acquired Southcross Energy Operating LLC and its subsidiaries ("Southcross" / "South Texas Acquisition") for purchase price of approximately $201.9 million (subject to customary closing adjustments; ~$200 million as announced) in April 2022. The transaction was structured as all cash. Southcross Energy Operating LLC and its subsidiaries ("Southcross" / "South Texas Acquisition") is a United States - South Texas-based Gathering and Processing business.
- Acquirer
- Targa Resources Corp.
- Target
- Southcross Energy Operating LLC and its subsidiaries ("Southcross" / "South Texas Acquisition")
- Value
- purchase price of approximately $201.9 million (subject to customary closing adjustments; ~$200 million as announced)
- Date
- April 2022
- Type
- full acquisition
- Status
- ready
The deal at a glance
About this deal
Targa Resources Corp. acquired Southcross Energy Operating LLC and its subsidiaries ("Southcross" / "South Texas Acquisition") for purchase price of approximately $201.9 million (subject to customary closing adjustments; ~$200 million as announced), a transaction completed in April 2022, structured as all cash.
Southcross Energy Operating LLC and its subsidiaries ("Southcross" / "South Texas Acquisition") operates in Gathering and Processing, is based in United States - South Texas. In April 2022, Targa closed on the acquisition of Southcross Energy Operating LLC and its subsidiaries in South Texas for a purchase price of approximately $201.9 million (the "South Texas Acquisition"). Targa acquired a portfolio of complementary midstream infrastructure assets and associated contracts that have been integrated into its SouthTX Gathering and Processing operations. The Company made a final net working capital adjustment payment of approximately $1.5 million in the fourth quarter of 2022.
Targa described Southcross as a portfolio of complementary midstream infrastructure assets and associated contracts integrated into its SouthTX Gathering and Processing operations.
Integrated into Targa's SouthTX Gathering and Processing operations.
No advisory firms have been disclosed for this transaction.