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TPG Capital to buy majority stake in Goodnight Midstream for $930M

Private equity firm TPG Capital Management LP agreed to acquire a majority stake in oilfield water infrastructure provider Goodnight Midstream LLC from Tailwater Capital LLC and other private investors for about $930 million.

As part of the transaction, TPG Capital will contribute over $300 million of capital to fund continued expansion at Goodnight Midstream, whose infrastructure comprises more than 420 miles of dedicated produced water gathering and transportation pipelines and more than 50 saltwater disposal wells, according to a March 11 news release. The company operates in the Permian Basin, Bakken Shale and Eagle Ford Shale.

Goodnight Midstream's existing shareholders, including management, will continue to hold a significant minority interest in the company upon closing of the deal, which is expected in the second quarter.

BMO Capital Markets acted as financial adviser and Kirkland & Ellis LLP was legal counsel to TPG Capital. Jefferies LLC served as lead financial adviser, and Credit Suisse Securities (USA) LLC was joint financial adviser to Goodnight Midstream, while Vinson & Elkins LLP acted as its legal counsel.

Goodnight Midstream has over 800,000 dedicated gross acres and more than 1.4 million barrels per day of permitted water disposal capacity. It was reportedly working with an adviser for a possible IPO in 2019, which it would push if it receives offers valuing it as much as $2 billion.