Midstream - Pipelines | Deals - Acquisition, Mergers, Divestitures
Express-Platte Pipeline Goes to Spectra in $1.49B Deal
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Spectra Energy Corp has entered into a definitive agreement to purchase 100 percent of the ownership interests in the Express-Platte Pipeline System from Borealis Infrastructure, the Ontario Teachers’ Pension Plan and Kinder Morgan Energy Partners for $1.49 billion, consisting of $1.25 billion cash and $240 million of acquired debt.
The 1,717-mile Express-Platte Pipeline System, which begins in Hardisty, Alberta, and terminates in Wood River, Illinois, is comprised of both the Express and Platte crude oil pipelines. The Express pipeline carries crude oil to U.S. refining markets in the Rockies area, specifically Billings and Laurel, Montana, and Casper, Wyoming. The pipeline’s capacity is 280,000 barrels a day. The Platte pipeline, which interconnects with Express pipeline in Casper…
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