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(Bloomberg) — I Squared Capital and other companies have reached a deal to acquire equity interests in the Matterhorn Express Pipeline from Ridgemont Equity Partners and Devon Energy Corp.
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With the deal, WhiteWater Development LLC, whose partners include I Squared and First Infrastructure Capital Advisors, will own 65% of the Texas natural gas pipeline, according to a statement Tuesday. MPLX LP and Enbridge Inc. will each own 10%.
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The companies didn’t disclose terms of the transaction in the statement. Bloomberg News reported last week that the deal under discussion then would value Matterhorn at about $5 billion including debt.
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Matterhorn was set up by a group of pipeline developers to carry natural gas from the Permian Basin of West Texas and New Mexico — the country’s largest and most productive oil field — to a distribution hub outside of Houston. The 580-mile pipeline began operating late last year and is designed to transport up to 2.5 billion cubic feet per day of natural gas, according to its website.
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Permian Basin gas production has expanded significantly in the past 10 years, though, and continues to require greater takeaway capacity.
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With $45 billion in assets under management, Miami-based I Squared has invested in a broad range of infrastructure, including a North American school bus operator and Irish power producer, according to its website. In 2023, I Squared acquired a majority stake in the Whistler Pipeline in the Permian from First Infrastructure Capital, Ridgemont and affiliates of West Texas Gas Inc. and Stonepeak Partners, as well as from the WhiteWater management team, according to a statement at the time.
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