NewsMV
A $2.55bn (C$3.52bn) all-cash deal puts Enbridge (ENB) in line for majority control of the Pony Express Pipeline and the Powder River Gateway crude system, together with associated storage capacity and Tallgrass Energy's crude marketing subsidiary, with the transaction targeting a late-2026 close pending US antitrust clearance.
The acquisition expands Enbridge's footprint into the US Rockies and adds roughly 8.4 million barrels of storage across nine crude terminals to its network.
The headline asset is a 75% stake in the 1,050-mile Pony Express Pipeline, carrying crude from the Rockies to the Cushing, Oklahoma storage hub and connecting to approximately 500,000 barrels per day of refining capacity.
Enbridge is also acquiring a 51% interest in the Powder River Gateway system, two crude pipelines with combined delivery capacity of around 240,000 barrels per day.
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