Tallgrass GP Buys Out LP in Well-Structured Transaction; We See Upside Ahead
Tallgrass Energy GP has agreed to acquire Tallgrass Energy Partners in a stock-for-unit transaction in which TEP unitholders will receive 2 TEGP shares for every unit they own. At current prices, the transaction implies a valuation of $38 per unit for TEP, a sharp discount to our $51 stand-alone estimate. However, because we think TEGP is offering similarly discounted shares based on an estimated intrinsic value of around $28 per share compared with a $19 stock price, we think this is an advanta...
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