Blackstone Infrastructure agrees to acquire Portland Natural Gas Transmission System from Morgan Stanley Infrastructure Partners and GIP

Blackstone Infrastructure signs definitive agreement

Funds managed by Blackstone Infrastructure have entered a definitive agreement to acquire the Portland Natural Gas Transmission System from investment funds managed by Global Infrastructure Partners, a part of BlackRock, and Morgan Stanley Infrastructure Partners. The transaction was announced on November 10, 2026.

The acquisition is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals. The supplied announcement excerpts do not disclose a purchase price.

PNGTS serves northeastern gas markets

PNGTS operates a 296-mile natural gas pipeline regulated by the Federal Energy Regulatory Commission. It delivers gas from Canadian and Appalachian supply basins to northern New England and Atlantic Canada, with delivery points in New Hampshire, Maine and Massachusetts.

The system serves utilities, power generators and industrial customers under long-term contracts. Its rates and terms of service are subject to FERC oversight.

Morgan Stanley and BlackRock-backed GIP are sellers

The asset is being sold from funds managed by Morgan Stanley Infrastructure Partners and Global Infrastructure Partners, which is part of BlackRock. Morgan Stanley Infrastructure Partners had approximately $17 billion in capital commitments since its inception, according to the announcement.

Blackstone Infrastructure said it applies a long-term buy-and-hold strategy to large-scale infrastructure assets. Matt Runkle, its head of power and midstream, said the firm was focused on supporting the PNGTS team over the long term.

PNGTS Chief Executive Officer Mark Mitchell said the company was pleased to welcome Blackstone as a long-term partner and that its management team and employees would remain focused on serving customers and strengthening the pipeline's integrity-management program. The transaction remains subject to regulatory approvals and other customary conditions before closing.