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Enterprise to Buy Permian Pipeline Operator for $3.3 Billion

  • Deal gives company gas processing capacity in Midland Basin
  • Enterprise to pay cash to Warburg Pincus for Navitas Midstream
    

    

Photographer: Scott Dalton/Bloomberg

Updated on

Enterprise Products Partners LP agreed to buy Navitas Midstream Partners LLC from Warburg Pincus LLC for $3.25 billion in cash to add natural gas pipeline and processing assets in the Permian Basin, the world’s most prolific shale basin.

The acquisition, Enterprise’s largest since 2014, will expand the company’s reach into the Midland Basin, part of the Permian, to include gas processing and natural gas liquids. Drilling activity in the Midland Basin represents about 20% of active onshore drilling rigs in the U.S., according to Enterprise.