Blackstone-Led Consortium to Take Tallgrass Energy Private

Updated 1 year 6 months ago

Tallgrass announced in December 2019 a definitive agreement in which Blackstone along with Enagas, GIC, NPS, and USS will acquired all of the publicly-held Class A shares for $22.45 per share. The transaction is expected to close in 2Q 2020, subject to approvals of the Class A and B shareholders voting as a single class. The Blackstone consortium owns approximately 44% of total Class A and B shares. Tallgrass will not pay distributions until shareholders have voted on the transaction. The Tallgrass conflicts committee has unanimously approved the deal. The Blackstone consortium plans to fund the Class A share purchase with $3 billion of equity.

A special meeting of shareholders is scheduled for April 16, 2020 to vote on the deal. Citigroup Global Markets and Credit Suisse Securities served as financial advisors to Blackstone, and Evercore advised Tallgrass.