ArcLight Capital Partners, LLC entered into a definitive agreement to acquire 16% additional stake in Gulf Coast Express Pipeline LLC from Kinetik Holdings Inc. for $540 million.

ArcLight Capital Partners, LLC entered into a definitive agreement to acquire 16% additional stake in Gulf Coast Express Pipeline LLC from Kinetik Holdings Inc. (NYSE:KNTK) for $540 million on May 9, 2024. The purchase price is comprised of $510 million in upfront cash or approximately 10.4 times 2024 expected EBITDA. and an additional $30 million deferred cash payment due upon a final investment decision on a capacity expansion project.

The transaction does not require HSR approval and is expected to close in the next few weeks.