Blackstone funds acquire EagleClaw
USA
MIDLAND, April 18, 2017 – EagleClaw Midstream Ventures has agreed to be bought by Blackstone Energy Partners, the energy-focused private equity arm of the Blackstone Group, according to statements released by the companies on Monday.
Midland-based EagleClaw focuses on midstream infrastructure development in the Permian Basin.
With more than 603 kilometres of natural gas pipelines and 9.06 mcm (320 mcf) per day of processing capacity, the company is said to be the largest privately held operator of pipelines and processing in the Permian’s Delaware Basin.
The USD 2-billion deal is expected to close early in Q3 2017. EagleClaw will retain its name, leadership and most of its employees, Blackstone said.
In a press release, EagleClaw president and CEO Bob Milam commented on the opportunities Blackstone’s engagement will bring for the business.
“Blackstone has a deep understanding of the compelling fundamentals of the upstream and midstream economics in the Permian, an outstanding reputation as an investor in the energy sector and the scale to take EagleClaw to the next level,” said Milam.
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