The NGT assets comprise six intrastate 1

Black Bear Transmission’s affiliate has agreed to acquire a Natural Gas Transmission (NGT) assets portfolio from Third Coast Midstream’s subsidiary.

US-headquartered natural gas transporter Black Bear is a portfolio firm of the second Basalt fund.

According to Black Bear, the NGT assets are an extension to the Southeast United States natural gas transmission business acquired by Basalt from Third Coast Midstream in October last year.

The latest transaction represents Black Bear’s second ‘bolt-on’ acquisition, after acquiring Ozark system from Enbridge in April.

The NGT assets comprise six intrastate 1,400-mile natural gas pipelines stretching across Alabama, Mississippi and Louisiana.

Black Bear Transmission CEO Rene Casadaban said: “This investment expands our asset base of high-quality, demand-driven natural gas pipelines in the Southeastern United States.

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“The NGT Assets are highly complementary to our existing Black Bear footprint and are strategically positioned to capture continued natural gas demand growth in the region. We look forward to executing a seamless transition while maintaining safe and reliable service to all of our customers.”

Expected to be closed in the second half of this year, the transaction is subject to customary closing conditions and other regulatory approvals.

The deal terms remain undisclosed.

Third Coast Midstream CEO Matt Rowland said: “We look forward to another successful transition with the Black Bear team following the sale of these assets, as Third Coast Midstream takes another step in its strategic repositioning to focus on its core Gulf of Mexico infrastructure platform.”

Barclays has been appointed as exclusive financial advisor, while Vinson & Elkins served as legal advisor to Basalt for the transaction.