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October 13, 2014
NEW YORK, October 13, 2014 — Covington & Burling advised the Special Conflicts Committee of the Board of Directors of Atlas Pipeline Partners in its $5.8 billion merger with Targa Resources Partners.
Under the agreement, Targa will pay $4 billion in Targa units and cash and assume $1.8 billion in debt for Atlas. Atlas unitholders will receive 0.5846 units of Targa and a one-time cash payment of $1.26 per Atlas unit for total consideration of $38.66 per Atlas unit. Atlas and Targa are both master limited partnerships in the gathering and processing segment of the midstream natural gas industry.
The Covington team was led by Stephen Infante and included Scott Smith, Bud Jerke, Rob Heller, Robert Newman and Jim O’Connell.