Targa Resources (NYSE: TRGP) closed the acquisition of Stakeholder Midstream for $1.25 billion in cash.
The acquisition will allow Targa Resources to expand its natural gas gathering, treating and processing footprint in the Permian Basin. The assets include about 480 miles of natural gas pipelines and roughly 180 MMcf/d of cryogenic processing and sour-gas treating capacity, supported by long-term acreage dedications covering around 170,000 acres.