BX Blackstone Inc

By Will Feuer

Targa Resources Corp. said it has agreed to buy a Blackstone Inc. unit's 25% stake in the Grand Prix NGL Pipeline for $1.05 billion in cash, giving the company full ownership of the pipeline.

Grand Prix has capacity to transport up to one million barrels per day of natural gas liquids to the NGL market hub at Mont Belvieu, Texas. The pipeline connects Targa's gathering and processing positions throughout the Permian Basin, North Texas, and Southern Oklahoma to Targa's fractionation and storage complex at Mont Belvieu.

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

"The performance of our Grand Prix NGL Pipeline has exceeded expectations since it began full operations in the third quarter of 2019," Targa Chief Executive Matt Meloy said.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 03, 2023 08:57 ET (13:57 GMT)

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