Targa Resources Executes Agreements to Acquire Bolt-On Assets for $200 Million

Source: ------ 3/17/2022, Location: North America

Targa Resources Corp. has executed agreements to acquire Southcross Energy Operating LLC and its subsidiaries in South Texas for $200 million.

Transaction Highlights
- Attractive acquisition price represents approximately 4 times adjusted EBITDA multiple
- Further synergy potential to reduce acquisition multiple over time
- Potential to move a currently idle 200 million cubic feet per day plant
- Fee-based contracts, with the vast majority of volumes being low pressure wellhead gathering
- Continued simplification through acquisition of remaining T2 joint venture interests

Wells Fargo Securities, LLC is serving as Targa’s financial advisor and Winston & Strawn LLP is acting as Targa’s legal counsel on the transaction. The acquisition is expected to close in the second quarter of 2022 following customary closing conditions.


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