HOUSTON--(BUSINESS WIRE)--Black Bear Transmission LLC, a portfolio company of the second Basalt fund (“Basalt”), today announced that it has completed the acquisition of Ozark Gas Transmission, L.L.C. (“OGT”) and Ozark Gas Gathering, L.L.C. (“OGG”) from a subsidiary of Enbridge Inc. (“Enbridge”) (TSX: ENB) (NYSE: ENB).
OGT owns and operates a 367-mile, FERC-regulated interstate natural gas pipeline transportation system. The system extends from southeastern Oklahoma through Arkansas to southeastern Missouri and has significant interconnectivity to major long-haul natural gas pipelines. OGG owns and operates a fee-based, 330-mile natural gas gathering system that connects regional production into OGT’s pipeline.
“We are very excited to add the Ozark pipeline and gathering system to the Black Bear Transmission portfolio,” said Rene Casadaban, Chief Executive Officer of Black Bear Transmission LLC. “This investment expands our asset base of high-quality, demand-driven natural gas pipelines serving utilities and other key end-user customers across the Southeastern United States. We look forward to working with the Ozark operations team to continue providing safe and reliable service to all of the Ozark customers.”
The terms of the transaction are not being disclosed.
Barclays served as exclusive financial advisor to Basalt and Morgan, Lewis & Bockius LLP served as Basalt’s legal advisor. TD Securities served as exclusive financial adviser to Enbridge and Norton Rose Fulbright US LLP served as Enbridge’s legal advisor.
About Black Bear
Black Bear Transmission LLC transports and delivers natural gas from various pipeline receipt points to power generation, industrial and utility customers in the Southeast United States. The Company includes 8 regulated natural gas pipelines stretching more than 1,200 with total delivery capacity of more than 1.8 Bcf per day. The pipelines are connected to 12 major long-haul pipelines, ensuring reliable gas supply to customers across Alabama, Arkansas, Louisiana, Mississippi, Missouri, Oklahoma and Tennessee. Black Bear Transmission LLC is headquartered in Houston, TX.
About Basalt
Basalt I and Basalt II are two of the flagship Basalt Infrastructure Partner funds. They are infrastructure equity investment funds focusing on investments in utilities, power, transport, and communications infrastructure in North America and Europe. Other investments by the Basalt funds in North America include the Upper Peninsula Power Company, Texas Microgrid, DB Energy Partners, Detroit Thermal, Hyperion and Helios Power.
For more information, please visit www.basaltinfra.com.