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V&E, Akin advise on Targa’s $1.6B sale of Badlands stake to Blackstone/GSO

Houston-based Targa Resources Corp. announced Tuesday that it agreed to sell 45 percent of North Dakota unit Targa Badlands to funds managed by GSO Capital Partners and Blackstone Tactical Opportunities for $1.6 billion in cash.  

Analysts said the sale came much sooner than anticipated and that the $3.6 billion valuation came in much higher than expectations, which ranged from $2.6 billion to $3 billion.  Targa plans to use the proceeds to cut debt and fund capital needs. 

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