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  • ArcLight Acquires Midcoast Operating, L.P. from Enbridge
    édité le 16/08/2018

ArcLight Acquires Midcoast Operating, L.P. from Enbridge
ArcLight Capital Partners announcedthat one of its affiliates has acquired Midcoast Operating, L.P. from Enbridge Inc. for approximately $1.1 billion in cash.

Midcoast consists of three large, legacy gathering and processing systems in Texas and Oklahoma, a long-haul NGL transmission system delivering NGLs from multiple supply areas (including the DJ and Permian basins) to Mont Belvieu, Texas, and a marketing and logistics business. Assets include:

- 11,900 miles of gas and NGL pipelines;
- 25 processing plants with over 2 Bcf/d of capacity; and
- 12 treating plants, an E/P fractionator, and numerous liquid logistics assets (rail, truck, pipelineinjection and storage).

Midcoast will be led by an executive team consisting of Rob Bond as CEO, Tommy Stone as COO, and Mike Moran as CCO. Rob, Tommy and Mike have worked together for the better part of the past two decades, most recently as members of the senior leadership team at PennTex Midstream Partners.

ArcLight and senior management intend to retain the existing Midcoast field and corporate workforce currently in place. Midcoast will continue to be based in Houston, Texas.

“We are very excited to add the Midcoast platform to our portfolio of midstream investments,” said Dan Revers, Founder and Managing Partner of ArcLight. “We believe Midcoast represents a rare opportunity to acquire a large scale, diversified midstream business with exciting commercial and growth capital investment opportunities. We are likewise excited to partner with a management team that has demonstrated their ability to deliver successful results and prioritize safe and reliable operations in the midstream segment.”

“Midcoast owns a premier set of midstream assets that provide excellent Gulf Coast connectivity for natural gas and NGLs, bridging wide basis differentials that have arisen between producing basins and coastal demand centers. We look forward to leading Midcoast as it pursues these and other exciting opportunities,” added Rob Bond, who will become CEO of the company under ArcLight’s ownership.

“Above all, Midcoast enjoys a deep bench of talented executives and employees, and Tommy, Mike and I are excited to work with this team to take Midcoast forward in its next chapter as an independent, growth-oriented company.”

About ArcLight

ArcLight is one of the leading private equity firms focused on energy infrastructure investments.
Founded in 2001, the firm helped pioneer an asset-based private equity approach to investing in the dynamic energy sector. ArcLight has invested more than $20 billion in over 100 transactions since inception. Based in Boston, the firm's investment team employs a hands-on value creation strategy that utilizes its in-house technical, operational, and commercial specialists as well as the firm's 850-person asset management affiliate.

About Enbridge

Enbridge Inc. (TSX: ENB) (NYSE: ENB) is North America's premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation.
The Company safely delivers an average of 2.9 million barrels of crude oil each day through its Mainline and Express Pipeline; accounts for approximately 65% of U.S.-bound Canadian crude oil exports; and moves approximately 20% of all natural gas consumed in the U.S., serving key supply basins and demand markets. The Company's regulated utilities serve approximately 3.7 million retail customers in Ontario, Quebec, and New Brunswick.
Enbridge also has interests in more than 2,500 MW of net renewable generating capacity in North America and Europe. The Company has ranked on the Global 100 Most Sustainable Corporations index for the past nine years; its common shares trade on the Toronto and New York stock exchanges under the symbol ENB.

Origine : Communiqué ArcLight

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