© 2015 The Texas Lawbook.
By Natalie Posgate
(Nov. 4) – Houston-based Targa Resources Corp. has agreed to purchase its limited partnership, Targa Resources Partners (TRP), in an all-stock transaction valued at approximately $6.7 billion.
Targa Resources turned to a predominantly Houston-based team of lawyers from Vinson & Elkins to provide advice for the transaction. Partner Chris Collins and associates Thomas Zentner, Benji Barron, Leonard Wood, Anne Peetz and Bo Shi led the corporate end of the transaction.
Also advising on capital markets, tax and executive compensation and benefits matters were partners Michael Harrington, Ryan Carney and David D’Alessandro and associates Regina Ibarra and James Melchers. Washington, D.C. antitrust partner Neil Imus also worked on the deal.
Collins has led an array of previous deals for Targa Resources. Last October, Collins led a V&E deal team that advised Targa Resources when it acquired Atlas Pipeline Partners and Atlas Energy, LP for $7.7 billion.
This week’s acquisition of TRP is anticipated to lower overhead costs and help the oil and gas company invest in more high-return growth projects in the future, a company release said.
Delaware law firm Richards, Layton & Finger represented TRC’s conflicts committee that approved the transaction.
The deal is expected to close in the first quarter of 2016.
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