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Blackstone ends talks for $5 billion Energy Transfer stake

Energy Transfer

In December, Blackstone announced it was looking at purchasing a stake in Energy Transfer Partners. 

Energy Transfer shares fall in Monday trading

Jan 9 (Reuters) – Private-equity firm Blackstone Group LP is no longer looking at buying a $5 billion stake in Energy Transfer Partners, a source familiar with the matter confirmed on Monday.

In December, Blackstone was said to be looking at a stake in ETP, the company building the controversial Dakota Access Pipeline.

ETP shares fell 2.4 per cent on Monday to close at $36.53 a share after the news, first reported by Bloomberg.

ETP announced a private placement of shares with its parent Energy Transfer Equity LP on Monday, which will garner ETP proceeds of $568 million, in exchange for about 15.8 million common shares of ETP. Shares of the parent company lost 4.7 per cent on Monday.

(Reporting by David Gaffen in New York; Editing by Jeffrey Benkoe and Sandra Maler)

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Posted in: Energy Financial

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