Infrastructure investment firm I Squared, midstream company MPLX LP, and pipeline operator Enbridge Inc. announced Tuesday they have reached an agreement to acquire significant equity interests in the Matterhorn Express natural gas pipeline.

Under the terms of the deal, infrastructure company WhiteWater, which already partners with I Squared, will hold the largest stake with up to 65% ownership in the pipeline with Canada-based Enbridge and MPLX will each acquire a 10% interest. 

These equity stakes are being acquired from private equity firm Ridgemont Equity Partners and energy producer Devon Energy Corp.

WhiteWater’s equity interest in the pipeline will be jointly supported by infrastructure investment firm FIC and I Squared. WhiteWater will also continue in its role as the operator of the Matterhorn Express Pipeline.

The announcement follows earlier reports that I Squared Capital was in discussions to acquire a majority stake in the pipeline from WhiteWater Midstream. 

Previous reports had suggested a potential deal could value the Matterhorn Express pipeline at over $5 billion, including debt, though the companies did not disclose the total transaction value in their statement.

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

The Matterhorn Express pipeline is a crucial piece of energy infrastructure, transporting natural gas from the Permian Basin in West Texas and New Mexico to the Katy area on the outskirts of Houston. 

The pipeline spans approximately 580 miles and has a designed capacity to carry up to 2.5 billion cubic feet of gas per day. The transaction is expected to close in the second quarter of 2025.