May 6 (Reuters) - Infrastructure investment firm I Squared, midstream company MPLX LP (MPLX.N) , opens new tab, and pipeline operator Enbridge Inc (ENB.TO) , opens new tab have entered an agreement to acquire up to 85% interest in the Matterhorn Express gas pipeline, the companies said on Tuesday.

Infrastructure company WhiteWater, which counts I Squared as one of its partners, will own up to 65% interest in the pipeline, the companies said in a statement, adding that Canada-based Enbridge and MPLX will own another 10% each in the Matterhorn pipeline following a closing of the transaction.

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The companies would acquire these equity interests from private equity firm Ridgemont Equity Partners and Devon Energy Corp (DVN.N) , opens new tab, the statement said.

Reuters reported earlier this week that Miami-based I Squared Capital was in talks to acquire a majority stake in the natural gas pipeline from WhiteWater Midstream. A deal could value Matterhorn Express pipeline at more than $5 billion including debt, a Bloomberg report had said.

WhiteWater's equity interest in the Matterhorn Express Pipeline will be jointly backed by infrastructure investment firm FIC and I Squared, according to the statement. WhiteWater will continue to operate the Matterhorn Express Pipeline.

Earlier on Tuesday, MPLX said it is acquiring an additional 5% interest in the joint venture that owns the Matterhorn Express pipeline for $151 million.

The Matterhorn pipeline carries natural gas from the Permian Basin of West Texas and New Mexico to the outskirts of Houston. The 580-mile pipeline was designed to carry up to 2.5 billion cubic feet per day of gas, according to its website.

https://www.reuters.com/business/energy/i-squared-enbridge-mplx-acquire-majority-stake-matterhorn-natgas-pipeline-2025-05-07/