06:29 AM EDT, 04/04/2025 (MT Newswires) -- Brookfield Infrastructure Partners (BIP-UN.TO, BIP) and its institutional partners late on Thursday agreed to acquire the midstream asset portfolio Colonial Enterprises, which includes the Colonial Pipeline, for an enterprise value of about $9 billion.

Colonial is composed of the largest refined products system in the U.S., spanning about 5,500 miles between Texas and New York and serving a customer base along the U.S. East Coast.

At closing, BIP's equity investment is expected to be $500 million, or about 15% of the total equity investment, funded by proceeds from capital recycling initiatives.

The deal is scheduled to close in the second half of the year, subject to customary closing conditions.