Deal Description: Tallgrass Energy, LP (NYSE: TGE) and Blackstone (NYSE: BX) announced on January 31, 2019, that affiliates of Blackstone Infrastructure Partners (“Blackstone”) have entered into a definitive agreement with affiliates of Kelso & Co., The Energy & Minerals Group, and Tallgrass KC, LLC, an entity owned by certain members of TGE’s management, to acquire 100% of the membership interests in TGE’s general partner, as well as an approximately 44% economic interest in Tallgrass, for total cash consideration of approximately $3.3 billion. Affiliates of GIC, Singapore’s sovereign wealth fund, will be a minority investor in the transaction. Closing of the transaction remains subject to customary closing conditions and is expected within the first quarter of 2019.
The press release for the transaction can be found here.
Target: Tallgrass Energy, LP (NYSE: TGE).
Outside Counsel to Tallgrass: Baker Botts L.L.P.
Counsel to Blackstone: Vinson & Elkins LLP
Value: $3.3 billion
Baker Botts Lawyers/Office Involved:
Corporate: Mollie Duckworth (Partner, Austin); Rachel Ratcliffe (Associate, Austin); Grace Matthews (Associate, Austin)
Tax: Jon Nelsen (Partner, Austin); Michael Bresson (Partner, Houston)
Finance: Dan Tristan (Partner, Houston)
Employment: Mark Bodron (Partner, Houston)
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