Ares Management said on Monday its infrastructure funds have bought Meade Pipeline for about $1.1 billion, adding a key natural gas asset to its U.S. energy portfolio as demand for power and gas surges.
The investment management company is buying it from affiliates of XPLR Infrastructure, a leading independent power producer formed by NextEra Energy.
Meade owns a 40% stake in the Central Penn Line, a 180-mile pipeline that carries gas from the Marcellus and Utica shale basins in Pennsylvania to demand centers in the U.S. Northeast, Mid-Atlantic and Southeast.
(Reporting by Sumit Saha in Bengaluru; Editing by Anil D’Silva)