Targa to acquire Lucid Energy for US$3.55bn

Targa Resources Corp. has secured a definitive agreement to acquire Lucid Energy Delaware, LLC from Riverstone Holdings LLC and Goldman Sachs Asset Management for US$3.55 billion in cash.

Lucid Energy Group is a privately held natural gas processor in the Permian Basin, providing the full range of gas midstream services to more than 50 customers in New Mexico and West Texas. Targa was advised by Evercore and Mizuho Securities USA LLC in financial matters and Vinson & Elkins LLP in legal matters related to the transaction. Riverstone and Goldman Sachs were represented by Latham & Watkins LLP, Fried, Frank, Harris, Shriver & Jacobson LLP and Jefferies LLC as legal and financial advisors.

The transaction will be completed once the closing requirements, including regulatory approvals, are met. The deal is expected to be finalized in Q3 2022.