Ares Management sells Meade Pipeline stake to NextEra Energy
Summary
Ares Management Corp said Oct. 22 that agreed to sell a 22.5 percent stake in Meade Pipeline Co LLC to NextEra Energy Partners LP for about $286 million. LOS ANGELES–(BUSINESS WIRE)– Ares Management Corporation (NYSE: ARES) (“Ares”) announced today that a fund managed by its Infrastructure and Power strategy has signed a definitive agreement to sell its 22.5 percent ownership interest in Meade Pipeline Co LLC (“Meade”) to a subsidiary of NextEra Energy Partners, LP (NYSE: NEP) for approximately $286 million. Included in the transaction is a future expansion opportunity that is expected to add an estimated 0.6 billion cubic feet per day of natural gas capacity to Central Penn through the addition of compression at new and existing stations. “Our Meade Pipeline investment demonstrates Ares’ investment strategy to partner in the development of critical infrastructure assets, bring them online and ultimately create value for our fund investors,” said Keith Derman, Partner of Ares and Co-Head of Ares Infrastructure and Power. Our global platform had $142 billion of assets under management as of June 30, 2019 and employs more than 1,000 employees in over 20 offices across four continents.