OTTAWA (dpa-AFX) - Enbridge Inc. (ENB.TO, ENB) has entered into a definitive agreement with WhiteWater/I Squared Capital and MPLX LP to form a joint-venture that will develop, construct, own, and operate natural gas pipeline and storage assets connecting Permian Basin natural gas supply to growing LNG and U.S. Gulf Coast demand. The joint venture will be owned by: WhiteWater/I Squared - 50.6%; MPLX - 30.4%; and Enbridge - 19.0%.
Upon closing, Enbridge will contribute its Rio Bravo pipeline project and approximately $350 million in cash to the joint venture, and will fund the first approximately $150 million of the post-closing capex to complete the Rio Bravo pipeline project. Enbridge will receive a 19% equity interest in the joint venture and retain a 25% economic interest in the Rio Bravo pipeline project.
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