Targa Resources Corp. Completes Sale of Equity Interest in Gulf Coast Express Pipeline
Vinson & Elkins advised Targa Resources Corp., a leading provider of midstream services and one of the largest independent midstream infrastructure companies in North America, in the sale of Targa’s wholly-owned subsidiary that holds a 25% equity interest in the Gulf Coast Express Pipeline (“GCX”) to ArcLight Capital Partners, LLC and affiliates (collectively, “ArcLight”) for $857 million. Targa and ArcLight agreed to terms on February 3, 2022 and, following a call right period in favor of the other members of GCX, the sale was completed on May 16, 2022.
V&E represented Targa in its initial investment into GCX, and the related financing. V&E then represented Targa in buying back its development interests and ultimately in the sale of GCX.
The V&E corporate team was led by partners Christopher Collins and Benji Barron, with assistance from associates Jordan Fossee, Zac Horne and Patrick Reintjes. Also advising were senior associate Caitlin Snelson; partners Jim Meyer and Ryan Carney, senior associate Brian Russell and associate Keleigh Carver; partner Darren Tucker and senior associate Evan Miller; partner David D’Alessandro; and counsel Larry Pechacek.
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