Enterprise Products Partners acquires Navitas Midstream Partners for $3.2bn

Enterprise Products Partners said that one of its affiliates has wrapped up the $3.25 billion acquisition of Texas-based midstream company Navitas Midstream Partners.

The all-cash deal, which was announced last month, will give Enterprise Products Partners a position in the core of the Midland Basin of the Permian Basin for natural gas gathering, treating, and processing.

The assets of Navitas Midstream include nearly 1,750 miles of pipelines and a cryogenic natural gas processing capacity of more than one billion cubic feet per day following the completion of the Leiker gas processing plant, which is anticipated in Q1 2022.

Enterprise Products Partners acquires Navitas Midstream Partners for $3.2bn. Photo courtesy of PublicDomainPictures from Pixabay.

Navitas Midstream’s system is said to be anchored by long-term contracts and acreage dedications with a group of more than 40 independent and publicly owned producers.

Enterprise Products Partners is a publicly traded partnership and a North American provider of midstream energy services. Its assets include over 50,000 miles of pipelines, 260 million barrels of storage capacity for natural gas liquids (NGLs), refined products, crude oil, and petrochemicals, and a natural gas storage capacity of 14 billion cubic feet.