Targa Resources Partners and Targa Resources Corp. agreed to acquire Atlas Pipeline Partners and Atlas Energy. Targa will pay $4 billion for Atlas Pipeline Partners and assume $1.8 billion in debt. Atlas Energy will spin off its non-midstream assets prior to the acquisition. Targa will acquire Atlas Energy for $1.9 billion.
The deal will add positions in the Permian, Woodford/SCOOP, Mississippi Lime and Eagle Ford basins to Targa’s portfolio. Targa currently has assets in the Permian, Bakken, Barnett and Louisiana Gulf Coast regions. Targa and Atlas’ combined operations in the Permian will include 1,439 million cubic feet per day of processing capacity and 10,250 miles of pipelines.
“APL’s footprint solidifies the Partnership’s position as a leader in the Permian Basin, while adding top-tier assets in the Midcontinent and South Texas regions,” said Targa CEO Joe Bob Perkins.
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