Boardwalk HP Storage Co. LLC, a joint venture between Boardwalk Pipeline Partners LP (NYSE: BWP) and Boardwalk Pipelines Holding Corp. (BPHC), completed its acquisition of Petal Gas Storage LLC, Hattiesburg Gas Storage Co. and related assets from Enterprise Products Partners LP (NYSE: EPD) for $550 million.

BPHC, which owns 80% of the joint venture, contributed $280 million to the acquisition with Boardwalk operating the assets and owning the remaining 20% and contributing $70 million to the purchase price. The remaining $200 million came from a bank loan and equity contributions.

These storage assets include seven high deliverability salt dome natural gas storage caverns in Forrest County, Miss., with a total capacity of 29 billion cubic feet. An eighth cavern is expected to be brought online in 2013 from owned land that is suitable for up to six additional storage caverns. Additional assets include a leaching plant, freshwater and brine disposal wells, approximately 69,000 horsepower of compression and approximately 105 miles of pipeline that connects the facilities to major natural gas pipelines.