Buckeye Partners LP signed an agreement to sell all of the outstanding limited liability company interests in Lodi Gas Storage LLC to Brookfield Infrastructure Partners, based in Hamilton, Bermuda, and its institutional partners for $105 million.
Through its subsidiary Lodi Gas Storage, Houston-based Buckeye owns and operates natural gas storage facilities with about 29 billion cubic feet of working gas capacity in northern California. The natural gas storage facilities are connected to Pacific Gas and Electric’s intrastate gas pipelines that serve natural gas demand in the San Francisco and Sacramento areas.
The transaction is expected to close in fourth-quarter 2014 or first-quarter 2015. Deutsche Bank Securities Inc. acted as the exclusive financial advisor to Buckeye in connection with the transaction.
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