Targa makes $5.8billion buyout

Section through the gas-bearing  Bakken shale in the US; Pilgrim Petroleum buys-in
Section through the gas-bearing Bakken shale in the US; Pilgrim Petroleum buys-in

Targa Resources has snapped up Atlas Pipeline Partners for $5.8billion.

The deal, which will create one of the largest diversified master-limited partnerships in the market, will also see Targa assume Atlas Pipeline’s existing debt.

Before the deal is final, Atlas will divest its non-midstream assets.

The move will see Targa maintain a presence in the oil-rick Permian Basin, Eagle Ford and Bakken formations.

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