On April 3, 2025, Brookfield Infrastructure Partners L.P. (“BIP”) and its institutional partners announced a definitive agreement to acquire 100% of Colonial Enterprises, including the Colonial Pipeline, for an enterprise value of approximately USD 9 billion (CAD 12.2 billion), based on the prevailing exchange rate of approximately 1.36 CAD/USD. The price reflects a 9x EBITDA multiple. Colonial operates the largest refined products pipeline system in the United States, spanning roughly 5,500 miles between Texas and New York, with a decades-long track record of high utilization and reliable service to major East Coast customers.

BIP is expected to contribute an equity investment of USD 500 million (CAD 680 million), representing about 15% of the total equity, fully funded by proceeds from its recently announced capital recycling initiatives. The transaction is anticipated to close in the second half of 2025, subject to customary closing conditions and regulatory approvals.

Debt financing is being led by Morgan Stanley Senior Funding, Inc. and Mizuho Bank, Ltd., with Morgan Stanley acting as sole bookrunner on the term loan facility. Brookfield Infrastructure was advised by Jefferies LLC, Greenhill & Co. LLC, a Mizuho affiliate, and Morgan Stanley & Co. LLC as joint financial advisors. Kirkland & Ellis LLP served as Brookfield’s legal counsel, while Milbank LLP represented the sellers: Caisse de dépôt et placement du Québec, IFM Investors, KKR-Keats Pipeline Investors L.P., Koch Capital Investments Company, LLC, and Shell Midstream Operating LLC.