EagleClaw Midstream Ventures LLC and its financial sponsor, EnCap Flatrock Midstream, have entered into a binding agreement to sell the company to funds managed by Blackstone Energy Partners and Blackstone Capital Partners for approximately $2 billion. Blackstone Energy Partners is the energy-focused private equity business of Blackstone. The all-cash transaction is expected to close by the end of July 2017 and includes approximately $1.25 billion in stapled debt financing provided by Jefferies LLC.
EagleClaw is the largest privately held midstream operator in the Permian’s Delaware Basin in West Texas, with assets including more than 375 miles of natural gas gathering pipelines and 320 million cubic feet per day (MMcf/d) of processing capacity and an additional 400 MMcf/d under construction. EagleClaw will retain its name and operate as a Blackstone portfolio company.
For more information, visit www. blackstone.com or www.eagleclaw