Targa Resources Corp. Completes Sale of Equity Interest in Gulf Coast Express Pipeline

Vinson & Elkins advised Targa Resources Corp., a leading provider of midstream services and one of the largest independent midstream infrastructure companies in North America, in the sale of Targa’s wholly-owned subsidiary that holds a 25% equity interest in the Gulf Coast Express Pipeline (“GCX”) to ArcLight Capital Partners, LLC and affiliates (collectively, “ArcLight”) for $857 million. Targa and ArcLight agreed to terms on February 3, 2022 and, following a call right period in favor of the other members of GCX, the sale was completed on May 16, 2022.