Photo: freepik
Infrastructure investment firm I Squared, Enbridge (ENB) and MPLX (MPLX) said late Tuesday they agreed to acquire equity interests in the Matterhorn Express Pipeline from Devon Energy (NYSE:DVN) and private equity firm Ridgemont Equity Partners; deal terms were not disclosed but speculation had said a deal could value Matterhorn at more than $5B including debt.
Following the deal’s closing, infrastructure company WhiteWater, Enbridge (ENB) and MPLX (MPLX) will own respective shares of 65%, 10% and 10% in the Matterhorn Express Pipeline; WhiteWater, whose equity interest will be jointly backed by I Squared and infrastructure investment firm FIC, will continue to operate the pipeline.
The 510-mile Matterhorn pipeline was placed into service in November 2024 and has ~2.5B cf/day of fully contracted capacity; it transports natural gas from the Waha area in the Permian Basin to Wharton, Texas, with additional delivery capabilities into the Katy, Texas area.
Source: msn
