Targa Resources Partners LP is a Delaware limited partnership formed in October 2006 by our parent, Targa Resources Corp. ("Targa" or "TRC" or the "Company" or "Parent"), to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. TRP is a leading provider of midstream natural gas and NGL services in the United States, with a growing presence in crude oil gathering and petroleum terminaling.
On February 17, 2016, TRC completed the previously announced transactions contemplated by the Agreement and Plan of Merger (the "TRC/TRP Merger Agreement"), by and among us, Targa Resources GP LLC (our "general partner"), TRC and Spartan Merger Sub LLC, a subsidiary of TRC ("Merger Sub") pursuant to which TRC acquired indirectly all of our outstanding common units that TRC and its subsidiaries did not already own. Upon the terms and conditions set forth in the Merger Agreement, Merger Sub merged with and into TRP (the "TRC/TRP Merger"), with TRP continuing as the surviving entity and as a subsidiary of TRC. As a result of the TRC/TRP Merger, TRC owns all of our outstanding common units.
As used herein, "units" refers to our units representing limited partner interests in the Partnership and not to the Preferred Units (as defined herein) and "unitholders" refers to the holders of units. Unless the context requires otherwise, the term "limited partner interests" refers to the units, the Preferred Units and the Incentive Distribution Rights ("IDRs"), collectively, and "limited partners" refers to the holders of limited partner interests.