Deals
Blackstone Sweetens Tallgrass Bid to End ‘Tumultuous Ride’
- Offer for pipeline operator 15% higher than initial proposal
- Tortoise wrote a letter in September pushing for higher offer
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Blackstone Infrastructure Partners LP agreed to buy out the remaining shares of U.S. pipeline operator Tallgrass Energy LP for about $2.2 billion after sweetening an initial offer made almost four months ago.
Blackstone and its affiliates will acquire Tallgrass’s Class A shares for $22.45 apiece, the pipeline company said in a statement Tuesday, 15% higher than the original proposal. Tallgrass jumped 21% to $22.10 at 10:33 a.m. in New York.