(Reuters) - U.S. private equity firm Blackstone Group LP said on Thursday it would buy a controlling stake in midstream energy company Tallgrass Energy LP for $3.3 billion.
Under the deal, Blackstone will acquire a 44 percent stake in Tallgrass Energy and take over the company’s general partner, Tallgrass Energy GP LLC.
Singapore's sovereign wealth fund, GIC, will also be a minority investor in the deal. (reut.rs/2CUzTUJ)
The deal will be financed by Blackstone’s planned $40 billion infrastructure fund, to which Saudi Arabia’s main sovereign wealth fund agreed last year to contribute up to $20 billion.
It will be the first deal since Blackstone started raising funds.
The transaction is expected to close in the first quarter of 2019.
Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D’Silva and Shinjini Ganguli
Our Standards: The Thomson Reuters Trust Principles.