Black Bear Transmission Announces Purchase of Gas Pipeline Assets
(P&GJ) — Black Bear Transmission announced that an affiliate has entered into a definitive agreement to acquire a portfolio of Natural Gas Transmission assets from a subsidiary of Third Coast Midstream.
The NGT Assets include six intrastate natural gas pipelines spanning approximately 1,400 miles in Alabama, Louisiana and Mississippi. The system has total capacity of more than 800 MMcf per day and benefits from significant interconnectivity to major-long haul pipelines.
The NGT Assets are a natural extension to the Southeast United States natural gas transmission business that Basalt acquired from Third Coast Midstream in 2019, which resulted in the formation of Black Bear.
This transaction marks Black Bear’s second bolt-on acquisition, having acquired the Ozark system from Enbridge in April 2020.
“The NGT Assets are highly complementary to our existing Black Bear footprint and are strategically positioned to capture continued natural gas demand growth in the region,” said Rene Casadaban, Chief Executive Officer of Black Bear Transmission.
“We look forward to another successful transition with the Black Bear team following the sale of these assets, as Third Coast Midstream takes another step in its strategic repositioning to focus on its core Gulf of Mexico infrastructure platform,” stated Matt Rowland, Chief Executive Officer of Third Coast Midstream.
The transaction is expected to close in the second half of 2020, subject to customary regulatory approvals and closing conditions. The terms of the transaction are not being disclosed.
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