ArcLight Capital Partners, LLC, along with its affiliates, announced Monday the successful acquisition of a 25% equity stake in Gulf Coast Express Pipeline LLC for $865 million. The acquisition was made from a Phillips 66 affiliate.
With the new ownership configuration, Gulf Coast will be co-owned by subsidiaries of Kinder Morgan, Inc. (KMI) and affiliates of ArcLight, while a Kinder Morgan subsidiary will continue to oversee its operations.
This acquisition is consistent with ArcLight's long-standing involvement in the natural gas infrastructure sector, where it has been active since 2001, managing more than 47,000 miles of electric and gas transmission assets.
As of now, KMI shares are trading at $27.48, reflecting a 1.04% increase, or $0.28, on the New York Stock Exchange.
