Targa LP Inc. acquired 50% stake in Carnero G&P LLC from Evolve Transition Infrastructure LP (NYSEAM:SNMP) for $27 million on December 28, 2023. The consideration consists of $27 million in cash. As part of the consideration, $27 million was paid towards common equity. In addition to the cash consideration, Targa LP Inc. will make an additional cash payment to Evolve Transition Infrastructure LP, which will equal 20% of any cash award, less costs and expenses actually incurred by Carnero, received by Carnero with respect to claims asserted by Carnero pursuant to a third-party commercial agreement. Evolve Transition Infrastructure LP intends to use the net proceeds from the transaction to repay borrowings outstanding underEvolve Transition Infrastructure LP?s credit facility and for general working capital purposes.

Targa LP Inc. completed the acquisition of 50% stake in Carnero G&P LLC from Evolve Transition Infrastructure LP (NYSEAM:SNMP) on December 28, 2023.