Targa Resources Corp.executed agreements to acquire Southcross Energy Operating LLC and its subsidiaries in South Texas for $200 million in what Houston-based Targa described as a"bolt-on."Southcross Energy Partners emerged from Chapter 11 bankruptcy protection in February 2020,following completion of a restructuring that resulted in the MLP becoming a privately held company and moving its headquarters to Houston from Dallas.The acquisition,announced March 17,follows comments made by Targa management on the company's earnings call in late February that Targa was actively looking at"bolt-on or tuck-in acquisitions"across its footprint with a couple of caveats."As we look at acquisitions,we want to make sure we're staying within our leverage range.We want to make sure that we have good synergies on the G&P side and on the NGL side,"Targa CEO Matt Meloy said,according to a Seeking Alpha transcript of the Feb.24 call.
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