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Report: TPG Capital backs out of $930M deal to buy Goodnight Midstream stake

TPG Capital Management LP scrapped a nearly $1 billion deal to acquire a majority stake in produced water disposal specialist Goodnight Midstream LLC from fellow private equity firm Tailwater Capital LLC, Bloomberg News reported Sept. 25, citing a statement from TPG.

TPG and Tailwater called off the $930 million deal in July after Goodnight Midstream failed to meet deal closing conditions, a representative for TPG told Bloomberg in an emailed statement. TPG's acquisition partly depended on Goodnight Midstream securing a contract with an unnamed oil company. The sources said this week that talks over that contract are ongoing, according to Bloomberg.

Goodnight Midstream has a network of more than 450 miles of gathering lines and more than 50 saltwater disposal wells across the Williston Basin, the Permian Basin and the Eagle Ford Shale, according to its website. The company was reportedly working with an adviser for a potential IPO in 2019.