April 30, 2010 (FinancialWire) — Targa Resources Partners LP (NYSE: NGLS) has completed its acquisition from Targa Resources, Inc. of certain natural gas gathering and processing businesses located in West Texas known as Targa's West Texas Assets and certain of its Louisiana Coastal Straddle Plants.

Total value of the transaction was approximately $420 million, subject to certain adjustments. Consideration paid by the partnership to Targa consisted entirely of cash funded through borrowings under the partnership's senior secured revolving credit facility.

The partnership makes no assurance whether or not any discussions regarding the acquisition of the remaining businesses at Targa will occur or whether any transaction will be negotiated or consummated, nor that any transaction would ultimately be beneficial to the partnership.

Targa Resources Partners was formed by Targa to engage in the business of gathering, compressing, treating, processing and selling natural gas and fractionating and selling natural gas liquids and natural gas liquids products.

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