Targa Resources Partners Agrees To Acquire Versado Gas Processors From Targa Resources: A Strategic Acquisition to Gain Operational Efficiencies - Deal Analysis From GlobalData

Introduction

Targa Resources Partners LP (Targa Partners) agreed to acquire a 63% interest in Versado Gas Processors, L.L.C. (Versado) from Targa Resources, Inc (Targa Resources) for a purchase consideration of $230m, subject to certain adjustments.

Versado is a joint venture company between Targa Resources and Chevron USA Inc. It operates a natural gas gathering and processing business in West Texas and New Mexico. The Versado System consists of the Saunders, Eunice and Monument gas processing plants and related gathering systems with an aggregate refrigerated cryogenic processing capacity of 280 MMcf per day (176 MMcf per day net to the Partnership's interest upon closing).

Versado gathering systems consist of approximately 3,100 miles of natural gas gathering pipelines. Gross inlet throughput for the six months ended on June 30, 2010 was approximately 185 MMcf per day with recovered gas liquids content of approximately 4.7 gallons per Mcf.

Tudor, Pickering, Holt & Co. Securities, Inc. is acting as financial advisor to Targa Partners for this transaction. Evercore Partners is acting as a financial advisor to Targa Resources, Inc. for this transaction.

Scope

- Rationale behindTarga Partners acquiring assets from Targa Resources
- Strategic Benefits for the companies involved
- Geography covered -US

Highlights

Reasons to buy

- Develop a sound undestanding of the major M&A's, Partnerships, And Joint Ventures taking place in North American Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the US oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions

Report Highlights

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TABLE OF CONTENTS

1 Table of Contents 1
1.1 List of Tables 2
1.2 List of Figures 2
2 Global Data Deal Analysis 3
2.1 Summary 3
2.2 Deal Overview 3
3 Targa Resources Partners Agrees To Acquire Versado Gas Processors From Targa Resources 3
3.1 Deal Overview 3
3.2 Deal in Brief 3
3.3 Targa Resources Overview 4
3.4 Targa Partners is developed by Targa Resources to make diversified portfolio of assets 5
3.5 Targa Partners will increase business in Permian Basin in West Texas and New Mexico 5
3.6 Targa Partners will improve operational efficiencies through acquisition 6
3.7 Targa Resources is expanding its core asset business through acquisitions 6
3.8 Deal Financials and Valuations 7
3.8.1 Companies Involved 7
3.8.2 Deal Financials 7
3.8.3 Deal Rationale 7
3.8.4 Advisor Information 7
3.8.5 Detailed Target Information 8
3.8.6 Gas Processing Plant Information 8
3.8.7 Transaction Implied Values 8
3.8.8 Detailed Acquirer Information 9
3.8.9 Detailed Vendor Information 10
4 Appendix 11
4.1 About Energy eTrack 11
4.2 Methodology 11
4.2.1 Coverage 11
4.2.2 Secondary Research 12
4.2.3 Primary Research 12
4.2.4 Expert Panel Validation 12
4.3 Contact Us 12
4.4 Disclaimer 13
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LIST OF TABLES

1.1 List of Tables
Table 1: Versado, Operating Information 6
Table 2: Companies Involved 7
Table 3: Financials of the Deal 7
Table 4: Advisor Information 7
Table 5: Target Information 8
Table 6: Target’s Gas Processing Plant Information 8
Table 7: Company Valuation Multiples 8
Table 8: Acquirer Information 9
Table 9: Vendor Information 10
LIST OF FIGURES

1.2 List of Figures
Figure 1: Targa Resource, Operations Map, 2010 4
Figure 2: Targa Resources, Natural Gas Gathering and Processing Assets, 2010 5
Figure 3: GlobalData Methodology 11
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