Targa Resources Corp. acquires Targa Badlands LLC - Blackstone's 45% interest ("Badlands Transaction")

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.