Black Bear Transmission’s affiliate has completed the previously announced acquisition of natural gas transmission (NGT) assets from Third Coast Midstream’s subsidiary.
US-headquartered natural gas transporter Black Bear is a portfolio firm of the second Basalt fund.
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The value of the deal is undisclosed.
In June, Black Bear’s affiliate initially signed an agreement to acquire the NGT assets.
The latest transaction represents Black Bear’s second ‘bolt-on’ acquisition after the company obtained the Ozark system from Enbridge in April.
Black Bear Transmission CEO Rene Casadaban said: “These assets are a perfect fit with Black Bear because they strengthen our footprint of high-quality, demand-driven gas pipelines that are well-positioned to capture increasing natural gas demand in the Southeast United States.
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By GlobalData“A team of seasoned operations and business development personnel will be coming to Black Bear with the assets, allowing us to maintain our focus on providing safe and reliable service to our customers.”
The NGT assets comprise six intrastate 1,400-mile natural gas pipelines stretching across Alabama, Mississippi and Louisiana.
Third Coast Midstream CEO Matt Rowland said: “This transaction represents one of the final pieces of Third Coast’s strategic repositioning to focus on its core offshore and Gulf Coast asset base.
“In addition, Third Coast has executed a commercial services agreement with Black Bear, which will ensure a smooth transition and consistent commercial operations for Black Bear’s customers.”
Barclays has been appointed as exclusive financial advisor, while Vinson & Elkins served as legal advisor to Basalt for the transaction.
