Blackstone Infrastructure has agreed to acquire the Portland Natural Gas Transmission System (PNGTS) from Morgan Stanley Infrastructure Partners and Global Infrastructure Partners. PNGTS is a 296-mile FERC-regulated pipeline that supplies natural gas to New England and Atlantic Canada. The pipeline serves utilities, power generators, and industrial customers under long-term contracts, with rates overseen by the Federal Energy Regulatory Commission.
Matt Runkle, Head of Power and Midstream for Blackstone Infrastructure, emphasized the importance of PNGTS in the region's energy infrastructure. Mark Mitchell, CEO of PNGTS, welcomed Blackstone as a long-term partner, highlighting the company's commitment to safe and reliable service.
The transaction is expected to close in the first half of 2027, pending regulatory approvals. Guggenheim Securities and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Blackstone, while Citi and Vinson & Elkins LLP advised the sellers.
Blackstone Infrastructure focuses on long-term investments in energy, transportation, and other infrastructure sectors. PNGTS operates a critical pipeline system originating near Pittsburg, New Hampshire, with delivery points in New Hampshire, Maine, and Massachusetts.