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.