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Targa Resources scoops up rest of MLP in $6.7B deal

Nov 03, 2015 - The Deal Pipeline

Houston natural gas infrastructure provider Targa Resources Corp. (TRGP) said Tuesday it's buying the units of Targa Resources Partners LP (NGLS) it doesn't already own in a deal that values the target at $6.7 billion. Targa Resources Corp. is offering 0.62 of one of its shares for each unit of Targa Resources Partners, or about $36 per unit, an 18% premium over its volume-weighted average price over the 10 trading days.

The buyer already owns about 9% of the target. The stock of Targa ...