An affiliate of Black Bear Transmission — a portfolio company of the second Basalt fund — has entered into a definitive agreement to acquire a portfolio of natural gas transmission (NGT) assets from a subsidiary of Third Coast Midstream. Financial terms were not disclosed.
Black Bear said the NGT assets are a natural extension to the NGT 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, following the purchase of the Ozark system from Enbridge in April.
The NGT assets include six intrastate natural gas pipelines spanning 1,400 miles in Alabama, Louisiana and Mississippi. The system has a total capacity of more than 800 million cubic feet per day and benefits from significant interconnectivity to major long-haul pipelines.
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