U.S.-based EIG said June 18 a consortium of investors it led closed a $12.4 billion deal to acquire a stake in Saudi Aramco pipelines.

The acquisition comprised of a 49% equity stake in Aramco Oil Pipelines Co., a newly formed entity with rights to 25 years of tariff payments for oil transported through Aramco’s stabilized crude oil pipeline network.

The co-investment process, according to EIG, attracted institutional investors from China, Saudi Arabia, Korea, the United Arab Emirates and the U.S. Investors included Mubadala Investment Co., Silk Road Fund, Hassana and Samsung Asset Management.

In a statement commenting on the transaction, EIG Chairman and CEO R. Blair Thomas said: “The caliber of this marquee global infrastructure asset is further evidenced by the leading investors that have invested alongside EIG. We are honored to be working with this world-class consortium and look forward to a long-term, fruitful partnership.”

HSBC Bank plc acted as financial adviser to EIG in connection with the transaction, and Latham & Watkins served as EIG’s legal adviser.