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Alternative Assets  + Commodities  + Direct Investment  + Latest News  + M&As  + Markets  + Real Assets  |  January 4, 2023
Blackstone Energy Partners to Sell Its 25% Ownership in Grand Prix Pipeline to Targa Resources for $1.05B
Joe Palmisano
By: Joe Palmisano

Blackstone Energy Partners to Sell Its 25% Ownership in Grand Prix Pipeline to Targa Resources for $1.05B

Targa Resources is set to take full ownership of the Grand Prix NGL pipeline in the Permian Basin through an all-cash deal worth $1.05bn with Blackstone Energy Partners, an energy-focused private equity business.

The midstream services provider will acquire the remaining 25% stake in the pipeline from Blackstone.

According to Targa, the price of the acquisition represents nearly 8.75x the estimated 2023 adjusted EBITDA multiple of the Grand Prix NGL pipeline.

Commissioned in 2019, the Grand Prix NGL pipeline is designed to transport up to one million barrels per day of NGLs to the NGL market hub at Mont Belvieu, Texas.

The pipeline transports NGLs from the gathering and processing positions of Targa Resources throughout the Permian basin, North Texas, and Southern Oklahoma to the company’s fractionation and storage complex located at Mont Belvieu.

Targa bought a 75% stake in the pipeline project in 2022 when it repurchased stakes in its development company joint ventures from investment firm Stonepeak Partners.

The acquisition is expected to close in the first quarter of 2023.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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