Targa Sells Stake in Bakken-Based Badlands Assets to Blackstone for $1.6 Billion
In its second major investment in midstream following a $3.3 billion buyout of Tallgrass' general partner and 44% stake in its limited partner at the end of January, Blackstone (via its Tactical Opportunities and GSO Capital Partners funds) has agreed to purchase 45% of Targa's Bakken-based Badland assets for $1.6 billion. We don't expect a material change in our $52 fair value estimate or no-moat rating. Broadly, we think both investments by Blackstone speak to the general undervaluation of the...Targa Resources is a provider of midstream services and is a midstream energy company. The company operates in two segments: Gathering and Processing, which consists of gathering, compressing, dehydrating, treating, conditioning, processing, and marketing natural gas and gathering crude oil; and Logistics and Marketing, which includes activities necessary to convert mixed natural gas liquids (NGLs) into NGL products and provides certain services such as storing, fractionating, terminaling, transporting and marketing of NGLs and NGL products, storing and terminaling of refined petroleum products and crude oil and certain natural gas supply and marketing activities in support of its other businesses.
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