Blackstone Infrastructure Partners Acquires ~44% Economic Interest in Tallgrass Energy

NGL Energy Partners LP Acquires Hillstone Environmental Partners from Golden Gate Capital

November 1, 2019

Oil & Gas

NGL Energy Partners LP has agreed to acquire all equity interests of Hillstone Environmental Partners LLC from Golden Gate Capital for approximately $600 million. The acquisition adds Hillstone's produced water pipelines and disposal well network in the Northern Delaware Basin to NGL's existing Delaware Basin water platform, increasing disposal and transportation capacity and providing long-term contracted volumes.

Energy Transfer Acquires WTG Midstream for $3.25 Billion

May 28, 2024

Oil & Gas

Energy Transfer LP agreed to acquire WTG Midstream Holdings LLC in a transaction valued at approximately $3.25 billion, comprising $2.45 billion in cash and ~50.8 million newly issued Energy Transfer common units. The deal, from affiliates of Stonepeak, the Davis Estate and Diamondback Energy, adds WTG's Permian-focused midstream assets — including a 6,000-mile pipeline network, eight processing plants (≈1.3 Bcf/d) and a 20% interest in the BANGL NGL pipeline — to Energy Transfer's footprint to enhance its gas/NGL supply, processing and downstream capabilities.

Blackstone Infrastructure to Acquire TXNM Energy for $61.25 Per Share

May 19, 2025

Energy

TXNM Energy (NYSE: TXNM), the Albuquerque-based energy holding company that owns regulated utilities PNM and TNMP, has agreed to be acquired by Blackstone Infrastructure for $61.25 per share in cash, implying an enterprise value of $11.5 billion. Blackstone Infrastructure will fund the purchase with equity, make a concurrent $400 million private placement in TXNM, and intends to keep PNM and TNMP locally managed while supporting long-term investments for the energy transition; the deal is expected to close in the second half of 2026 subject to regulatory and shareholder approvals.

Green Plains Inc. Acquires Green Plains Partners LP

January 9, 2024

Energy

Green Plains Inc. completed its acquisition of the publicly held common units of Green Plains Partners LP, exchanging 0.405 shares of Green Plains common stock and $2.00 in cash (plus unpaid distributions) for each outstanding common unit. As a result, Green Plains Partners became an indirect wholly owned subsidiary of Green Plains and its common units will be deregistered and delisted from NASDAQ.

Energy Transfer LP to Acquire Crestwood Equity Partners LP

August 16, 2023

Oil & Gas

Energy Transfer LP has entered into a definitive agreement to acquire Crestwood Equity Partners LP in an all-equity transaction valued at approximately $7.1 billion (including assumed debt). The deal extends Energy Transfer’s midstream footprint deeper into the Williston, Delaware and Powder River basins and adds gathering, processing, storage and terminal assets that complement its existing NGL, crude and export capabilities.

Summit Midstream Corporation Acquires Tall Oak Midstream III from Tailwater Capital

October 1, 2024

Energy

Summit Midstream Corporation and its subsidiary Summit Midstream Partners, LP completed the acquisition of Tall Oak Midstream Operating, LLC (Tall Oak Midstream III) from an affiliate of Tailwater Capital. Consideration included $155 million in cash, 7.5 million common units/shares (equity consideration) and up to $25 million of contingent cash; the deal expands Summit's natural gas gathering and processing footprint in the Arkoma Basin and rebalances its portfolio toward natural gas.