Private equity funds managed by Blackstone Infrastructure have entered into a definitive agreement to acquire the Portland Natural Gas Transmission System from investment funds managed by Global Infrastructure Partners, a unit of BlackRock, and Morgan Stanley Infrastructure Partners.
The transaction involves a 296-mile Federal Energy Regulatory Commission-regulated pipeline network that transports natural gas from Canadian and Appalachian supply basins to utility, power generation, and industrial customers across northern New England and Atlantic Canada. The pipeline operates under long-term customer contracts with regulated tariff rates and terms of service subject to federal oversight.
Financial terms of the agreement were not disclosed. The acquisition is expected to close in the first half of 2027, subject to customary closing conditions and mandatory regulatory approvals.
Matt Runkle, Head of Power and Midstream for Blackstone Infrastructure, stated that the acquisition reflects the firm’s focus on supporting vital energy infrastructure in New England and Atlantic Canada, providing long-term backing to maintain operational safety and reliability.
Mark Mitchell, Chief Executive Officer of the pipeline operator, noted that the partnership with Blackstone will allow the management team to maintain customer service standards, strengthen pipeline integrity management programs, and support regional energy demand.
Guggenheim Securities served as financial advisor to Blackstone Infrastructure, with legal counsel provided by Paul, Weiss, Rifkind, Wharton & Garrison and Bernstein Shur. Citi acted as financial advisor to the seller consortium, supported by legal counsel from Vinson & Elkins, Pierce Atwood, and McLane Middleton.
