Boardwalk GP, the general partner of Boardwalk Pipeline Partners and a subsidiary of Loews Corp., has exercised its right to purchase the outstanding shares and paid $1.5 billion to acquire the remaining 49.8 percent of Boardwalk Pipeline Partners.
Boardwalk Pipeline Partners operates in the midstream portion of the natural gas and natural gas liquids (NGLs) industry, primarily providing transportation and storage for those commodities. Boardwalk owns approximately 14,365 miles of natural gas and NGLs pipelines and underground storage caverns having aggregate capacity of approximately 205 billion cubic feet of working natural gas and 24.0 million barrels (MMbbls) of NGLs.
