A fund managed by infrastructure investment fund Basalt Infrastructure Partners II GP Ltd. has acquired Third Coast Midstream’s natural gas transmission business, rebranding the assets Black Bear Transmission.
Terms of the deal weren’t disclosed, Kallanish Energy reports.
“This investment represents a rare opportunity to invest in a portfolio of demand-driven, regulated ‘last-mile’ natural gas pipelines serving utilities and other key end-user customers in the Southeast U.S.,” said David Greenblatt, partner, Basalt Infrastructure Partners LLC, investment advisor to Basalt.
“We are proud of the accomplishments our team has executed over the last several years in building out this portfolio of high-quality gas transmission assets in the Southeast United States,” stated Matt Rowland, Third Coast’s president and CEO.
Black Bear Transmission includes seven regulated natural gas pipelines with total capacity of over 1.60 billion cubic feet per day, stretching roughly 550 miles.
The lines are connected to eight major long-haul pipelines, serving customers across Louisiana, Alabama, Mississippi, Tennessee and Arkansas.
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