Targa Resources Corp. acquired Targa Badlands LLC - Blackstone's 45% interest ("Badlands Transaction") for approximately $1.8 billion in cash, a transaction announced in February 2025, structured as all cash (debt financed). The deal was a Joint-venture buyout (repurchase of preferred equity / partner interest).
Targa Badlands LLC - Blackstone's 45% interest ("Badlands Transaction") operates in Gathering and Processing, is based in United States - North Dakota (Bakken / Williston Basin). On February 18, 2025, Targa entered into an agreement with funds managed by Blackstone to acquire their 45% interest in Targa Badlands LLC ("Targa Badlands"), the entity that holds all of Targa's North Dakota (Badlands) assets, for aggregate consideration of approximately $1.8 billion. Targa described the transaction as the repurchase of all outstanding preferred equity in Targa Badlands from its joint venture partner. Following the closing, Targa will own 100% of the interest in Targa Badlands. The transaction has an effective date of January 1, 2025 and was expected to close in the first quarter of 2025.
Acquiring Blackstone's 45% interest takes Targa to 100% ownership of its North Dakota Badlands assets, consolidating a wholly-owned Bakken midstream position.
Targa Badlands LLC within the Gathering and Processing segment; to be wholly owned following the transaction.
The Company expects to use a portion of the net proceeds from the Offering to fund the repurchase from the Company's joint venture partner of all of the outstanding preferred equity in Targa Badlands LLC, the entity that holds all of the Company's North Dakota assets, for approximately $1.8 billion in cash (the "Badlands Transaction").Targa Resources Corp. February 24, 2025 senior notes offering press release (8-K Item 7.01/8.01, Ex 99.1)
Advisory firms were not disclosed for this transaction.