Plains All American Pipeline, L.P. entered into a definitive agreement to acquire Ironwood Midstream Energy Partners II, LLC from EnCap Flatrock Midstream, L.P. for approximately $480 million.
January 06, 2025
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Plains All American Pipeline, L.P. (NasdaqGS:PAA) entered into a definitive agreement to acquire Ironwood Midstream Energy Partners II, LLC from EnCap Flatrock Midstream, L.P. for approximately $480 million on January 7, 2025. The transaction is subject to customary closing conditions, including regulatory approvals. The expected completion of the transaction is in the first quarter of 2025.
RBC Capital Markets, LLC acted as financial advisor and Haynes and Boone, LLP acted as legal advisor for Ironwood Midstream Energy Partners II, LLC. Willkie Farr & Gallagher LLP acted as legal advisor for EnCap Flatrock Midstream, L.P. Piper Sandler Companies acted as financial advisor and Vinson & Elkins LLP acted as legal advisor for Plains All American Pipeline, L.P.
Plains All American Pipeline, L.P. is a midstream service provider in North America. The Company owns a network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and natural gas liquids (NGL) producing basins (including the Permian Basin) and transportation corridors and at major market hubs in the United States and Canada. It has two segments: Crude Oil and Natural Gas Liquids (NGL). Its Crude Oil segment operations generally consist of gathering and transporting crude oil using pipelines, gathering systems, trucks and at times on barges or railcars, in addition to providing terminalling, storage and other facilities-related services utilizing its integrated assets across the United States and Canada. Its NGL segment operations involve natural gas processing and NGL fractionation, storage, transportation and terminalling. NGL segment is involved in gathering, fractionation, storage, and/or terminalling services to third-party customers.
Plains All American Pipeline, L.P. entered into a definitive agreement to acquire Ironwood Midstream Energy Partners II, LLC from EnCap Flatrock Midstream, L.P. for approximately $480 million.