International investment and specialised fund and asset management group Babcock & Brown (ASX: BNB) announced that



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together with Babcock & Brown Infrastructure (ASX: BBI) and a syndicate of investors and Babcock & Brown managed accounts, it completed the acquisition of an 80% investment in MidCon LLC (“MidCon”), which owns the Natural Gas Pipeline Company of America (“NGPL”) and related businesses. NGPL has a 100% enterprise value of US$6.6 billion1 (A$7.6bn). BBI has acquired a 32% direct stake in MidCon.

Babcock & Brown’s direct commitment is 6% of the 80% of NGPL (4.8% direct interest) acquired. In accordance with its
previously stated intention, Babcock & Brown has commenced a syndication process in relation to its commitment with strong interest received from major wholesale investors reflecting the strategic nature of the asset and the quality of the underlying cashflows.

The vendor, Knight Inc. (“Knight”) will retain the remaining 20% interest in MidCon and will continue to operate the pipelines under a 15-year operating agreement.Peter Hofbauer, Global Head of Infrastructure at Babcock & Brown said, “We are extremely pleased to reach financial close on this transaction with a well supported syndicated funding package in place reflecting the debt markets ongoing support for assets with proven management teams and strong, transparent cashflows.

“We look forward to working closely with Knight, one of the premier pipeline operators in the US market, and look at this acquisition as a platform for thefurther development of our presence in the North American infrastructure market."


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