MPLX LP to buy Northwind Midstream in $2.38 billion deal to expand Permian Basin footprint
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MPLX LP is set to acquire Northwind Midstream for $2.38 billion in cash to enhance its sour gas gathering and processing operations in the Permian Basin. The acquisition will add over 200,000 dedicated acres and more than 200 miles of gathering pipelines in Lea County, New Mexico. The deal, financed through debt, is anticipated to close in the third quarter and will be immediately accretive to MPLX's distributable cash flow, according to CEO Maryann Mannen.
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