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Targa Resources Sells 45 Percent Interest in Bakken Assets for $1.6B

Vinson & Elkins advised Targa Resources Corp. in its definitive agreements to sell a 45 percent interest in Targa Badlands LLC, the entity that holds all of Targa’s assets in North Dakota, to funds managed by GSO Capital Partners and Blackstone Tactical Opportunities for $1.6 billion in cash.

The V&E corporate team was led by partner Christopher Collins, with assistance from senior associate Jeannie Poland and associate Bo Shi. Also advising were partners Caroline Blitzer Phillips, Darin Schultz, Neil Imus and Darren Tucker, counsel Ryan Hunsaker, Larry Pechacek and Dan Spelkin and associates Alex Cross, Brittany Smith, Jordan Fossee and Farah Chranya. Tax advice was provided by partners James Meyer and Ryan Carney, with assistance from Brian Russell and Neil Clausen.

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