Warburg Pincus and Targa Resources in $2.4 Billion Dynegy Midstream Acquisition

Cleary Gottlieb represented Warburg Pincus LLC and Targa Resources, Inc. in their $2.35 billion cash acquisition of Dynegy Midstream Services, Limited Partnership, a midstream natural gas business, from Dynegy, Inc.

Warburg Pincus is a leading private equity investor with approximately $12 billion under management. Targa Resources is an independent company formed in 2003 by Warburg Pincus and management to pursue gas gathering, processing, and pipeline asset acquisition opportunities.

Dynegy Midstream Services’ operations include gathering and processing natural gas, as well as natural gas fractionation, storage, transportation, distribution and marketing to petrochemical manufacturers, refiners, retail propane dealers and other industrial customers.