Pension Fund Purchasing a 50% Stake in BridgeTex, Generating a Windfall for Magellan and Plains
The pension plan and investment manager of the Ontario Municipal Employees Retirement System has agreed to purchase 50% of the BridgeTex pipeline from Plains All American Pipeline and Magellan Midstream Partners for $1.438 billion. Currently 50/50 owners, Plains will keep a 20% stake, while Magellan will continue to operate the pipeline and retain a 30% stake. Given the small size of the deal, we don't expect a material impact to our fair value estimates and wide moat rating.ÂThe price values t...
Plains All American Pipeline is a holding company. Through its subsidiaries, the company owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL) and natural gas. The company has three operating segments: Transportation, which provides activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges; Facilities, which provides storage, terminalling and throughput services for crude oil, NGL and natural gas, as well as NGL fractionation and isomerization services and natural gas and condensate processing services; and Supply and Logistics, which provides merchant-related activities.
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