January 31, 2019 / 11:35 PM / 15 days ago

Tallgrass Energy to add four Blackstone executives to board: officials

HOUSTON (Reuters) - Blackstone Group LP’s $3.3 billion deal to buy a controlling interest in pipeline operator Tallgrass Energy LP would put four Blackstone executives on the firm’s nine-member board, company officials said on Thursday.

The private equity firm on Thursday agreed to purchase Tallgrass’s general partner and take a 44 percent stake in the publicly traded limited partner. The deal was through Blackstone’s new $40 billion infrastructure fund.

The four Blackstone board members would replace directors from Tallgrass’s original investors, private equity firms Kelso & Co and The Energy & Minerals Group. The deal is expected to close in March, Tallgrass Chief Executive David Dehaemers said in a conference call with investors.

Reporting by Collin Eaton in Houston; Editing by James Dalgleish

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