AUSTIN, Texas, May 6, 2025 /PRNewswire/ -- I Squared, MPLX LP (NYSE: MPLX), and Enbridge Inc. (NYSE: ENB) jointly announce they have entered into a definitive agreement to acquire equity interests in the Matterhorn Express Pipeline from Ridgemont Equity Partners and Devon Energy Corp. (NYSE: DVN).

Following the close of the transaction, WhiteWater, MPLX and Enbridge will own 65%, 10% and 10% of the Matterhorn Express Pipeline, respectively. WhiteWater's equity interest in the Matterhorn Express Pipeline will be jointly backed by FIC and I Squared, and WhiteWater will continue to operate the Matterhorn Express Pipeline.

The transaction is expected to close in the second quarter of 2025.

About the Matterhorn Express Pipeline

The Matterhorn Express Pipeline was placed into service in November 2024 and has approximately 2.5 billion cubic feet per day of fully contracted capacity. The system is comprised of an approximately 510-mile 36-inch and 42-inch diameter mainline and associated compression that transports natural gas from the Waha area in the Permian Basin to Wharton, Texas with additional delivery capabilities into the Katy, Texas area.  The pipeline also has two 36-inch diameter laterals in the Midland Basin, one being approximately 50 miles in length and the other approximately 85 miles in length.

About WhiteWater

WhiteWater is an Austin, Texas based infrastructure company and operator of multiple gas transmission assets, including the Whistler Pipeline, the Blackcomb Pipeline and the Matterhorn Express Pipeline. WhiteWater is partnered with multiple private equity funds, including but not limited to FIC and I Squared Capital. For more information about WhiteWater, visit www.wwdev.com.

About I Squared

I Squared Capital is a leading global infrastructure investor managing $45 billion in assets. We build and scale essential infrastructure businesses that deliver critical services to millions of people worldwide. Our portfolio includes over 90 companies operating in more than 70 countries and spanning sectors such as energy, utilities, digital infrastructure, transport, environmental and social infrastructure. Headquartered in Miami, our team of over 300 professionals is based across offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.

About FIC

FIC is an investment firm with a focus on critical infrastructure assets across the energy and power use value chains. FIC focuses on investment opportunities that generate long-term capital appreciation in the gas transmission, downstream, power and utilities, renewables, and data/telecommunications industries. We partner with management teams and businesses to accelerate the development of strategic assets that serve society's growing energy needs and the associated decarbonization of industrial infrastructure. For more information about FIC, please visit www.FICfund.com.