Targa Resources provides update on MLP consolidation

Targa Resources Corp. (TRC) (NYSE: TRGP) and Targa Resources Partners LP (the Partnership) (NYSE: NGLS) will hold special meetings on Feb. 12 of stockholders and common unitholders, respectively, in connection with the proposed merger between TRC and the Partnership.

TRC’s stockholders will consider and vote upon, among other things, a proposal to approve the issuance of shares of common stock of the company in connection with the proposed merger with the Partnership (the stock issuance proposal). TRC’s stockholders of record at the close of business on Jan. 12 will be entitled to receive notice of the special meeting and to vote at the special meeting.

The Partnership’s common unitholders will consider and vote upon, among other things, a proposal to approve the agreement and plan of merger, dated as of Nov. 2, 2015, by and among TRC, Spartan Merger Sub LLC, the Partnership, and Targa Resources GP LLC, pursuant to which TRC will acquire indirectly all of the outstanding common units representing limited partner interests in the Partnership that TRC and its subsidiaries do not already own. The Partnership common unitholders of record at the close of business on Jan. 12 will be entitled to receive notice of the special meeting and to vote at the special meeting.

As previously announced on Nov. 3, 2015, TRC and the Partnership entered into an agreement for TRC to acquire all of the outstanding common units of the Partnership not already owned by TRC in an all stock-for-unit transaction.

The merger is expected to close on Feb. 17, subject to the approval of the stock issuance proposal by TRC’s stockholders, the approval of the merger proposal by the common unitholders of the Partnership, and certain other customary closing conditions.

 

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