Shareholders of Tallgrass Energy LP have approved its $6.3 billion merger acquisition by Blackstone Infrastructure Partners and others, Kallanish Energy reports.
The merger transaction was approved last Thursday in a shareholder vote and was expected to close last Friday.
Tallgrass Energy’s stock will no longer be publicly traded because the Kansas-based pipeline operator is going private.
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.
The deal had been announced last December.
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. That proposal also offered a higher price to Tallgrass executives which led shareholders to fight back.
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.
That consortium had previously acquired a 44% stake in Tallgrass Energy’s Class A and Class B shares. 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.
This post appeared first on Kallanish Energy News.