A fund managed by Basalt Infrastructure Partners II has agreed to purchase a natural gas transmission business from Third Coast Midstream, a Houston-based full-service midstream company.
A sales price was not disclosed.
The sale furthers Third Coast's strategic repositioning to focus on its core Gulf of Mexico infrastructure platform, noted Matt Rowland, president and CEO of Third Coast.
The Natural Gas Transmission Business includes seven, 550-mile natural gas lateral pipelines that have a total capacity of over 1,600 MDth per day. The lateral pipelines are connected to eight major long-haul pipelines and deliver gas to customers in Louisiana, Alabama, Mississippi, Tennessee and Arkansas.
“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 Southeastern United States,” said David Greenblatt, partner of Basalt Infr