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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. 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. 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. “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. Still, “it’s nice that they put the sweetener through. 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. We think it bodes well for the sector.”. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. We want to hear from you. 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. The updated offer “appears to be at the high end of the range of what many investors we have spoken with over the last three-and-a-half months have been hoping for and, importantly, puts an end to what has been a tumultuous ride” for Tallgrass investors, Scotiabank analyst Philip Stuart said in a note to clients. 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. Tallgrass CEO Departs Amid Blackstone Take-Private Bid By . 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. Rachel Adams-Heard. Tallgrass Energy’s stock will no longer be publicly traded because the Kansas-based pipeline operator is going private. 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. While the executives are still entitled to a higher price, the $26.25 per share includes $3.82 for their general partner interests. This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. 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. The deal had been announced last December. That consortium had previously acquired a 44% stake in Tallgrass Energy’s Class A and Class B shares. 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. The merger transaction was approved last Thursday in a shareholder vote and was expected to close last Friday. April 20, 2020 That deal included a 100% stake in the general partner, Tallgrass Energy GP LLC, which operates and manages the business of the publicly traded entity. It was Dehaemers’ defense of the original offer that led SL Advisors LLC to sell most of its position in Tallgrass last month, according to Henry Hoffman, a partner at the firm. A Division of NBCUniversal. Blackstone’s sweetener follows other pipeline deals in which the buyer has upped its offer. The committee has unanimously approved the transaction, the statement said on Tuesday. Blackstone Infrastructure will fund the transaction with about $3 billion in equity and remaining by debt, Tallgrass said. 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. All Rights Reserved. Read how energy Twitter saw the initial deal coming. That attracted the ire of analysts including including Morningstar Inc.’s Stephen Ellis and Robert W. Baird & Co.’s Ethan Bellamy, who criticized Tallgrass’s corporate governance as poor. Have a confidential tip for our reporters? Get this delivered to your inbox, and more info about our products and services. The sweetened bid eliminates the gap between what the executives were guaranteed for their limited partner shares and what common investors are being offered. ArcLight Capital Partners LLC partially walked back a plan to reduce its offer for American Midstream Partners LP earlier this year after criticism from an investor. The deal had been announced last December. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. “We just thought the risk-reward wasn’t there,” he said. Before it's here, it's on the Bloomberg Terminal. Enbridge Inc. last year sweetened its original proposal to buy all the outstanding shares of Spectra Energy Partners LP. That proposal also offered a higher price to Tallgrass executives which led shareholders to fight back. The investment from Blackstone … 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. Dehaemers stepped down last month as CEO, to be replaced by Bill Moler, previously the company’s president and chief operating officer. 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. 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. A Blackstone affiliate reached an agreement to invest about $3.3 billion in the Leawood-based Tallgrass Energy family of companies. Company News, Crude Oil, Featured, Infrastructure, M&A, Natural Gas, News, North America, Pipeline Pedestrians pass in front of Blackstone Group LP headquarters in New York, U.S., on Friday, April 14, 2017. According to a Tuesday announcement, Blackstone will acquire Tallgrass’ Class A shares for $22.45 cash each. 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. Got a confidential news tip? 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, …

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