U.S. oil pipeline operator Targa Resources will sell a 45 percent stake in some of its assets in the Bakken region for $1.6 billion as it looks to reduce debt, the company said on Tuesday.
The sale, to funds managed by GSO Capital Partners and Blackstone, comes as pipeline capacity in the Bakken, the third-largest U.S. oil field, has tightened after oil producers ramped up production following a recovery in oil prices last year.
Targa’s assets are located in the Bakken and Three Forks Shale regions of the Williston Basin in North Dakota and includes about 480 miles of crude oil-gathering pipelines.
Evercore was Targa’s financial adviser on the sale, while Citi advised Blackstone. The deal is expected to close in the second quarter of 2019.
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