Targa Resources and Affiliate to Buy Atlas Pipeline and Atlas Energy

Reuters

Oct 13 (Reuters) – U.S. pipeline company Targa Resources Corp said it would buy Atlas Energy LP's midstream assets for $1.9 billion, while its unit Targa Resources Partners LP would buy Atlas Pipeline Partners LP for $4 billion.

Targa Resources Partners said its offer was worth $38.66 per Atlas Pipeline unit in cash and stock and that its current unitholders would own about two-thirds of the combined partnership.

Atlas Energy will spin off its non-midstream assets after which Targa Resources Corp said it would buy the company with its current shareholders owning about 80 percent of the combined company.

(Reporting by Anannya Pramanick in Bangalore; Editing by Savio D'Souza)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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