U.S. pipeline company Targa Resources Corp said it would purchase 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 Pipeline Partners, L.P. is a provider of natural gas gathering and processing services in the Anadarko and Permian Basins located in the southwestern and mid-continent regions of the United States; a provider of natural gas gathering services in the Appalachian Basin in the northeastern region of the United States and a provider of natural gas liquid (NGL) transportation services in the southwestern region of the United States. Shares of APL fell by 1.2% or $-0.41/share to $33.62. In the past year, the shares have traded as low as $28.88 and as high as $40.02. On average, 454732 shares of APL exchange hands on a given day and today's volume is recorded at 689925.
Targa Resources Partners LP is a limited partnership formed by Targa Resources, Corp (Targa). Shares of NGLS fell by 2.69% or $-1.77/share to $63.98. In the past year, the shares have traded as low as $48.09 and as high as $83.49. On average, 312049 shares of NGLS exchange hands on a given day and today's volume is recorded at 1035412.
Targa Resources Corp. (Targa) forms the Partnership to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. Shares of TRGP fell by 3.64% or $-4.59/share to $121.65. In the past year, the shares have traded as low as $72.80 and as high as $160.97. On average, 274305 shares of TRGP exchange hands on a given day and today's volume is recorded at 811384.
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