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blackstone tallgrass

We'll assume you're ok with this, but you can opt-out if you wish. Pedestrians pass in front of Blackstone Group LP headquarters in New York, U.S., on Friday, April 14, 2017. That consortium had previously acquired a 44% stake in Tallgrass Energy’s Class A and Class B shares. New York-based investment firm Blackstone, its affiliates and partnerships had issued a preliminary proposal last August that offered $19.50 per share for Tallgrass shares not already owned. Blackstone, together with its partners, have acquired all of the outstanding Class A shares of Tallgrass Energy held by the public for $22.45 in cash per Class A share. We want to hear from you. He said the arrangements should have been described as “retention and lockup agreements” and that if investors wanted to blame someone for the drop in Tallgrass’s stock price, they should look no further than to some of the company’s largest shareholders. Sign up for free newsletters and get more CNBC delivered to your inbox. All Rights Reserved. The U.S. energy firm had initially received a take-private offer from Blackstone and its partners in August, following which Tallgrass had commissioned a Conflicts Committee. Blackstone Infrastructure's latest offer of $22.45 per Class A share represented a premium of 22.7% to the company's last close on Monday. Shareholders of Tallgrass Energy LP have approved its $6.3 billion merger acquisition by Blackstone Infrastructure Partners and others, Kallanish Energy reports. The transaction will value the company's public float at about $4.02 billion, based on the number of Class A shares of 179.2 million, as of October-end. A Division of NBCUniversal. Geert Vanden Wijngaert | Bloomberg | Getty Images. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Leawood, Kan., March 11, 2019 – Tallgrass Energy, LP (NYSE: TGE) and Blackstone (NYSE: BX) today announced that affiliates of Blackstone Infrastructure Partners (“BIP") have closed the purchase of 100 percent of the membership interests in TGE’s general partner, as well as an approximately 44 percent economic interest in Tallgrass Energy from affiliates of Kelso & Company, … Tortoise, one of Tallgrass’s biggest investors, wrote a letter in September urging independent directors to seek a higher offer from Blackstone, a person familiar with the matter said at the time. The investment from Blackstone … April 20, 2020 Blackstone Infrastructure will fund the transaction with about $3 billion in equity and remaining by debt, Tallgrass said. Have a confidential tip for our reporters? The buyout deal includes affiliates of Spain’s Enagas SA, along with Singapore-based investment firm GIC, South Korean pension fund NPS and UK-based pension fund USS. Updates with investor comment in ninth paragraph. Company News, Crude Oil, Featured, Infrastructure, M&A, Natural Gas, News, North America, Pipeline The sweetened bid eliminates the gap between what the executives were guaranteed for their limited partner shares and what common investors are being offered. Blackstone’s sweetener follows other pipeline deals in which the buyer has upped its offer. Blackstone Infrastructure Partners LP agreed to buy out the remaining shares of U.S. pipeline operator Tallgrass Energy LP for about $2.2 billion after sweetening an … Got a confidential news tip? © 2020 CNBC LLC. Bankruptcies, Europe Steps Closer to Lockdown-Level Curbs in Italy and Spain, Apple Developing Smaller AirPods Pro, Revamped Entry-Level Model. While the executives are still entitled to a higher price, the $26.25 per share includes $3.82 for their general partner interests. Blackstone, together with its partners, have acquired all of the outstanding Class A shares of Tallgrass Energy held by the public for $22.45 in cash per Class A share. S&P 500 Tumbles Most in a Month on Virus Spread: Markets Wrap, Czechs Impose Curfew; Warnings in U.S. Midwest: Virus Update, Bond Defaults Deliver 99% Losses in New Era of U.S. Tallgrass Energy accepted an offer from Blackstone Infrastructure Partners and its affiliates to acquire shares in the U.S. midstream energy company that they do not already own. Tallgrass said Tuesday that the deal is expected to close in the second quarter of next year, and that in the meantime it won’t make distributions to stockholders. The committee has unanimously approved the transaction, the statement said on Tuesday. Blackstone and its affiliates will acquire Tallgrass’s Class A shares for $22.45 apiece, the pipeline company said in a statement Tuesday, 15% higher than the original proposal. The merger transaction was approved last Thursday in a shareholder vote and was expected to close last Friday. Blackstone Infrastructure Partners along with affiliates Spain's Enagas, GIC, NPS, and USS already own nearly 44% of the total Class A and Class B shares of Tallgrass. One of the most contentious aspects of Blackstone’s bid was the side agreements struck at the time of its original investment in Tallgrass in March, guaranteeing some executives $26.25 a share in the event of a take-private deal. While the initial Aug. 27 bid represented a 36% premium to that day’s close, it followed a roughly 40% drop in Tallgrass shares after Blackstone took control of the pipeline operator earlier in the year. Dehaemers stepped down last month as CEO, to be replaced by Bill Moler, previously the company’s president and chief operating officer. Charges dropped against 22 arrested in BC pipeline protest, NEB to proceed with Spruce Ridge pipeline hearing, NuStar kicks off open season on Permian expansion, New York to transition seven peaker gas-fired power plants, Addition to Calif. solar, battery storage project, Oil future at center of Trump-Biden debate, North American rig count increases by eight: BH, Macquarie fund buys 622MW Romanian renewables portfolio, Equinor’s CFO Lars Christian Bacher resigns, Japan set to target net-zero emissions by 2050, Record high Chapter 11 debt in 2020: Rystad Energy. The closing of that gap and the revised deal’s “lofty” valuation “offers a notable positive for the sector,” analysts at Tudor Pickering Holt & Co. said Tuesday in a note to clients. We think it bodes well for the sector.”. Blackstone Infrastructure Partners LP agreed to buy out the remaining shares of U.S. pipeline operator Tallgrass Energy LP for about $2.2 billion after sweetening an initial offer made almost four months ago. Tallgrass Energy LP shareholders on Thursday approved a sale estimated at $6.3 billion to a group led by Blackstone that will close on Friday and take the Leawood company private. Read how energy Twitter saw the initial deal coming. Before it's here, it's on the Bloomberg Terminal. Offer for pipeline operator 15% higher than initial proposal, Tortoise wrote a letter in September pushing for higher offer. Tallgrass jumped 21% to $22.10 at 10:33 a.m. in New York. Blackstone Infrastructure Partners along with affiliates Spain's Enagas, GIC, NPS, and USS already own nearly 44% of the total Class A and Class B shares of Tallgrass. Tallgrass Energy said on Tuesday it accepted an offer from Blackstone Infrastructure Partners and its affiliates to acquire shares in the U.S. midstream energy company that they do not already own. Data is a real-time snapshot *Data is delayed at least 15 minutes. Tallgrass Energy’s stock will no longer be publicly traded because the Kansas-based pipeline operator is going private. “While we expected the original deal to proceed, we viewed the odds of an improved offer as quite slim given an already fair valuation,” the analysts said. Get this delivered to your inbox, and more info about our products and services. The agreement is the latest installment in a saga that has included investor demands for a higher price, analyst criticism over Tallgrass’s corporate governance and the departure of the company’s chief executive officer. In a separate statement, Spanish firm Enagas said it has agreed to invest $836 million in the U.S. pipeline operator as part of a takeover involving other investors. Tallgrass Energy’s stock will no longer be publicly traded because the Kansas-based pipeline operator is going private.

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