Enterprise Products Partners LP completed the acquisition of Navitas Midstream Partners LLC, a natural gas gathering, treating and processing service provider in the core of the Midland Basin backed by Warburg Pincus LLC, according to a Feb. 17 release.
The previously announced $3.25 billion acquisition gives Enterprise a foothold for natural gas gathering, treating and processing in the core of the Midland Basin of the Permian where the Houston-based midstream company already has a presence, but in the Delaware Basin.
“The Navitas management team has developed a premier system in the heart of the Midland Basin. ... This acquisition will give us an entry point into the basin,” Enterprise Co-CEO A. J. “Jim” Teague commented in a release announcing the deal in January.
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Navitas Midstream’s assets, which Enterprise said complements its presence in the Delaware Basin, include approximately 1,750 miles of pipelines and over 1 Bcf/d of cryogenic natural gas processing capacity. The system is anchored by long-term contracts and acreage dedications with a diverse group of over forty independent and publicly owned producers.
The transaction isthe largest acquisition of a private gas gathering and processing business, according to Warburg Managing Director John Rowan in the January release. Enterprise had said it planned to fund the acquisition using cash on hand and borrowings under the partnership’s existing commercial paper and bank credit facilities.
Jefferies LLC was financial adviser to Navitas in connection with the transaction, and Kirkland & Ellis served as the company’s legal adviser.
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