initial public offerings (IPOs) trading on American exchanges

Tuesday, March 27, 2018

Tallgrass Energy (TEGP) acquires Tallgrass Energy Partners (TEP); changes name and ticker symbol

Tallgrass Energy GP (TEGP) agrees to acquire Tallgrass Energy Partners (TEP) in a taxable stock-for-unit merger transaction in which TEP unitholders would receive two TEGP shares for each outstanding TEP common unit.

  • Quarterly distributions will be increased: The TEGP Class A share Q1 dividend is raised to $0.4875, or $1.95 annualized, and the TEP common unit Q1 distribution is raised to $0.975, or $3.90 annualized.
  • Upon closing the proposed transaction, TEGP will change its name to Tallgrass Energy LP and trade on the NYSE under the symbol TGE.

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