AUSTIN, Texas, May 6, 2025 ~ In a joint announcement, I Squared, MPLX LP, and Enbridge Inc. revealed that they have entered into a definitive agreement to acquire equity interests in the Matterhorn Express Pipeline from Ridgemont Equity Partners and Devon Energy Corp.

Upon the completion of the transaction, WhiteWater, MPLX, and Enbridge will hold 65%, 10%, and 10% ownership of the pipeline respectively. WhiteWater's equity interest will be jointly backed by FIC and I Squared, with WhiteWater continuing to operate the pipeline.

The transaction is expected to close in the second quarter of 2025.

The Matterhorn Express Pipeline was placed into service in November 2024 and has a fully contracted capacity of approximately 2.5 billion cubic feet per day. The system consists of a mainline spanning approximately 510 miles with diameters of 36 inches and 42 inches. It also includes associated compression equipment that transports natural gas from the Waha area in the Permian Basin to Wharton, Texas with additional delivery capabilities into the Katy, Texas area. The pipeline also has two laterals in the Midland Basin with diameters of 36 inches each, one spanning approximately 50 miles and the other approximately 85 miles.

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WhiteWater is an infrastructure company based in Austin, Texas that operates multiple gas transmission assets including the Whistler Pipeline, Blackcomb Pipeline, and now the Matterhorn Express Pipeline. The company is partnered with private equity funds such as FIC and I Squared Capital.

I Squared Capital is a global infrastructure investor managing $45 billion in assets. They focus on building and scaling essential infrastructure businesses that provide critical services to millions of people worldwide. Their portfolio includes over 90 companies operating in more than 70 countries across sectors such as energy, utilities, digital infrastructure, transport, environmental and social infrastructure.

FIC is an investment firm that specializes in critical infrastructure assets in the energy and power industries. They focus on long-term capital appreciation and partner with management teams to accelerate the development of strategic assets that serve society's growing energy needs and promote decarbonization.

MPLX LP is a large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets, as well as providing fuels distribution services. Their assets include a network of crude oil and refined product pipelines, an inland marine business, light-product terminals, storage caverns, refinery tanks, docks, loading racks, and associated piping. They also own crude oil and natural gas gathering systems and pipelines, as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins.

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Enbridge Inc. is a company that safely connects millions of people to the energy they rely on every day through their North American natural gas, oil, and renewable power networks. They are investing in modern energy delivery infrastructure to ensure access to secure and affordable energy while also exploring new technologies such as hydrogen, renewable natural gas, and carbon capture and storage.

Ridgemont Equity Partners is a private equity firm based in Charlotte that has been providing buyout and growth capital to industry-leading companies for three decades. They have a proven model focused on building distinctive middle market companies in the business services, industrials, and healthcare sectors.

The acquisition of equity interests in the Matterhorn Express Pipeline by I Squared, MPLX LP, Enbridge Inc., FIC, WhiteWater, Ridgemont Equity Partners, and Devon Energy Corp. showcases the collaboration between various companies in the energy industry to ensure efficient transportation of natural gas while also promoting sustainable practices. The transaction is expected to close in 2025 pending regulatory approvals.

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