TGE - Tallgrass Energy: Take-Private Bid Highlights Continued Private Equity Interest In Midstream
By Michael Laitkep
Last night, Tallgrass Energy (TGE) announced that it received a take-private bid from its private equity sponsor, Blackstone Infrastructure Partners, which currently owns a 44.2% stake in TGE. If accepted, Blackstone would acquire all remaining TGE shares for $19.50 per share in an all-cash transaction, representing a 35.9% premium to TGE's closing price yesterday. Based on Bloomberg estimates, the transaction represents a 10.0x multiple based on consensus 2020 EBITDA of $930 million. It's important to note that the offer is subject to a vote by TGE's conflicts committee and has not yet