ArcLight Acquires 25% Stake In Gulf Coast Express Pipeline For $865Mln

(RTTNews) - ArcLight Capital Partners, LLC, along with its affiliates, Monday announced that it has finalized the purchase of a 25 percent equity interest in Gulf Coast Express Pipeline LLC for $865 million. The stake was acquired from an affiliate of Phillips 66, by ArcLight.

Under the new ownership structure, Gulf Coast will be jointly held by subsidiaries of Kinder Morgan, Inc. (KMI) and ArcLight affiliates, while its operations will continue to be managed by a Kinder Morgan subsidiary.

This acquisition aligns with ArcLight's long-established presence in the natural gas infrastructure space—a field in which it has been active since 2001, managing over 47,000 miles of electric and gas transmission assets.

KMI is currently trading at $27.48 up 1.04 percent or $0.28 on the New York Stock Exchange.