MPLX LP (NYSE:MPLX) agreed to acquire Northwind Delaware Holdings LLC from Five Point Energy LLC for $2.4 billion on July 31, 2025. MPLX LP will acquire Northwind Midstream Partners LLC for $2.375 billion in cash consideration, subject to customary purchase price adjustments. Northwind Midstream consists of Permian Natural Gas and NGL Value Chains. The transaction is expected to be immediately accretive to distributable cash flow and represents a 7x multiple on forecast 2027 EBITDA. MPLX intends to finance the acquisition with debt.
The transaction is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and is expected to close in the third quarter of 2025. Piper Sandler & Co. served as the exclusive financial advisor and Lauren Anderson, Tim Fenn, Jim Cole, Jason Cruise, Jamie Sadler, Adam Kestenbaum, Aaron Friberg, Harrison White, Robert Brown and Joshua Marnitz of Latham & Watkins LLP acted as legal advisors to Five Point Energy LLC.
MPLX LP (NYSE:MPLX) completed the acquisition of Northwind Delaware Holdings LLC from Five Point Energy LLC. on September 2, 2025. The acquisition was financed and the incremental capital expenditures associated with in-process expansion projects will be funded by net proceeds from MPLX's $4.5 billion senior notes issued in August 2025. Bruce McDonald of Jones Day acted as antitrust counsel to MPLX LP.
MPLX LP is a diversified master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuel distribution services. The Companyâs segments include Logistics and Storage (L&S) and Gathering and Processing (G&P). The L&S segment primarily engages in the gathering, transportation, storage and distribution of crude oil, refined products, other hydrocarbon-based products, and renewables. The L&S segment also includes the operation of its refining logistics, fuel distribution and inland marine businesses, terminals, rail facilities and storage caverns. The G&P segment provides gathering, processing and transportation of natural gas, as well as the transportation, fractionation, storage and marketing of natural gas liquids (NGLs). Its assets include a network of crude oil and refined product pipelines; an inland marine business; light-product, asphalt, heavy oil and marine terminals; storage caverns, and others.
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