Simpson Thacher advised WhiteWater in an agreement to sell certain interest in Matterhorn Express Pipeline to I Squared, MPLX LP and Enbridge Inc. Following the close of the transaction, WhiteWater, MPLX and Enbridge will own 65%, 10% and 10% of the Matterhorn Express Pipeline, respectively. WhiteWater's equity interest in the Matterhorn Express Pipeline will be jointly backed by FIC and I Squared, and WhiteWater will continue to operate the Matterhorn Express Pipeline. The transaction is expected to close in the second quarter of 2025.
The Matterhorn Express Pipeline was placed into service in November 2024 and has approximately 2.5 billion cubic feet per day of fully contracted capacity. The system is comprised of an approximately 510-mile 36-inch and 42-inch diameter mainline and associated compression that transports natural gas from the Waha area in the Permian Basin to Wharton, Texas with additional delivery capabilities into the Katy, Texas area. The pipeline also has two 36-inch diameter laterals in the Midland Basin, one being approximately 50 miles in length and the other approximately 85 miles in length.
WhiteWater is an Austin, Texas based infrastructure company and operator of multiple gas transmission assets, including the Whistler Pipeline, the Blackcomb Pipeline and the Matterhorn Express Pipeline. WhiteWater is partnered with multiple private equity funds, including but not limited to FIC and I Squared Capital.
The Simpson Thacher team includes Shamus Crosby, Katy Lukaszewski, Breen Haire, Tushar Parashar, Andrew Kingsbury, Gavin Jaco, Cameron Jones, Arthur Kopilevich and John Carter (M&A); Adam Arikat and Elizabeth Trask (Tax); Larry Moss (ECEB); and Steve DeLott (Insurance).