Enterprise Products Partners L.P. has entered into a definitive agreement to acquire Navitas Midstream Partners, LLC from an affiliate of Warburg Pincus LLC in a debt-free transaction for US$3.25 billion in cash consideration.
Navitas Midstream provides natural gas gathering, treating and processing services in the core of the Midland Basin of the Permian. The company’s assets include approximately 1,750 miles of pipelines and over 1 billion cubic feet per day of cryogenic natural gas processing capacity with the completion of the Leiker plant, which is expected in the first quarter of 2022.
This transaction is expected to be finalized in the first quarter of 2022. The transaction is planned to be funded using cash on hand and borrowings under the partnership’s existing commercial paper and bank credit facilities.
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