The Blackstone Group LP (NYSE: BX) is no longer looking at buying a $5 billion stake in Energy Transfer Partners LP (NYSE: ETP), a source familiar with the matter confirmed Jan. 9.

In December, private-equity firm Blackstone was said to be looking at a stake in Energy Transfer, the company building the controversial Dakota Access pipeline.

Energy Transfer shares fell 2.4% on Jan. 9 to close at $36.53 a share after the news, first reported by Bloomberg.

Energy Transfer announced a private placement of shares with its parent Energy Transfer Equity LP (NYSE: ETE) Jan. 9, which will garner Energy Transfer proceeds of $568 million, in exchange for about 15.8 million common shares.

Shares of the parent company lost 4.7% on Jan. 9.