Blackstone ends talks for $5 billion Energy Transfer stake
The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid
Get Alerts BX Hot Sheet
Overall Analyst Rating:
NEUTRAL ( Down)
Dividend Yield: 3.6%
Revenue Growth %: +48.2%
Join SI Premium – FREE
(Reuters) - Private-equity firm Blackstone Group LP (NYSE: BX) is no longer looking at buying a $5 billion stake in Energy Transfer Partners (NYSE: ETP), 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 percent 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 (NYSE: ETE) 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 percent on Monday.
(Reporting by David Gaffen in New York; Editing by Jeffrey Benkoe and Sandra Maler)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BHP Group makes $38.8 billion play for Anglo American, copper in focus
- African migrant disaster survivor haunted by weeks lost at sea
- Sails of iconic Paris cabaret club Moulin Rouge fell off overnight
Create E-mail Alert Related Categories
Reuters, RumorsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!