M&A Deal Summary

Blackstone Credit and Targa Resources Acquire Targa Badlands

On February 19, 2019, lender Blackstone Credit and Targa Resources acquired oil/gas exploration company Targa Badlands

Acquisition Highlights
  • This is Blackstone Credit’s 1st and Targa Resources’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Blackstone Credit’s 5th and Targa Resources’ 10th transaction in the United States.
  • This is Blackstone Credit’s 1st and Targa Resources’ 3rd transaction in Texas.

M&A Deal Summary

Date 2019-02-19
Target Targa Badlands
Sector Oil/Gas Exploration
Buyer(s) Blackstone Credit
Targa Resources
Deal Type Joint Venture

Target

Targa Badlands

Houston, Texas, United States
Targa Badlands consists of operations and energy assets located in the Bakken and Three Forks Shale plays of the Williston Basin in North Dakota and include approximately 500 miles of crude oil gathering pipelines, 120 MBbl of operational crude oil storage capacity at the Johnsons Corner Terminal, 30 MBbl of operational crude oil storage capacity at the Alexander Terminal, 30 MBbl of operational crude oil storage at New Town and 25 MBbl of operational crude oil storage at Stanley. Targa Badlands is based in Houston, Texas.

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Buyer(S) 2

Buyer
DESCRIPTION

Blackstone Credit is the lending arm of alternative asset management firm The Blackstone Group. Blackstone Credit looks to provide a variety of capital needs, including loans, high yield and investment grade bonds, structured credit, mezzanine lending, and opportunistic financings. The Blackstone Group acquired lender GSO Capital Partners in 2008 which formed the foundation for Blackstone Credit. Blackstone Credit is based in New York, New York.


DEAL STATS #
Overall 8 of 14
Sector: Oil/Gas Exploration M&A 1 of 1
Type: Joint Venture M&A Deals 1 of 1
State: Texas M&A 1 of 2
Country: United States M&A 5 of 10
Year: 2019 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-01 Karix Mobile Pvt.

Mumbai, India

Karix Mobile Pvt. Ltd. empowers enterprises to use mobile to transform business at all stages of customer life cycle, from acquisition to retention. The company enables enterprises to intelligently personalize their two-way marketing & customer care interactions, across multiple channels through robust, secure and scalable mobile engagement platform.

Sell Rs3.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-08 LindFast Solutions Group

Blaine, Minnesota, United States

LindFast Solutions Group is a master distributor of specialty fasteners in the North American market serving a broad base of national, regional, and local distribution customers through its metric (Lindstrom) and imperial (Stelfast) product brands. LindFast Solutions Group is based in Blaine, Minnesota.

Buy -
Buyer

Targa Resources

Houston, Texas, United States

Category Company
Founded 2005
Sector Energy Services and Equipment
Employees3,370
Revenue 16.4B USD (2024)
DESCRIPTION

Targa Resources is an independent midstream energy companies in the U.S., providing gas gathering, processing, fractionation and transportation through an extensive portfolio of integrated midstream assets. Targa Resources was founded in 2005 and is based in Houston, Texas.


DEAL STATS #
Overall 10 of 13
Sector: Oil/Gas Exploration M&A 1 of 2
Type: Joint Venture M&A Deals 1 of 1
State: Texas M&A 3 of 6
Country: United States M&A 10 of 13
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-23 Outrigger Midland Operating

Midland, Michigan, United States

Outrigger Midland Operating LLC is a provider of midstream services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-21 Southcross Energy

Houston, Texas, United States

Southcross Energy is a growth-oriented company that provides a full range of complementary services across the midstream value chain. The company is laser-focused on stewarding its customers’ natural gas and NGLs to multiple markets with safe, reliable, compliant, and cost-effective solutions. Its outstanding customer service provides best-in-class midstream solutions, creative commercial arrangements, optionality, and the best possible netbacks. Southcross Energy was formed in 2009 and is based in Houston, Texas.

Buy -