November 10, 2026
Long-term investment in FERC-regulated pipeline supporting safe, reliable and affordable natural gas supply for New England and Atlantic Canada
NEW YORK – November 10, 2026 – Funds managed by Blackstone Infrastructure have entered into a definitive agreement to acquire Portland Natural Gas Transmission System (“PNGTS”), a Federal Energy Regulatory Commission (“FERC”)-regulated natural gas pipeline serving northern New England and Atlantic Canada, from investment funds managed by Global Infrastructure Partners (“GIP”), a part of BlackRock and Morgan Stanley Infrastructure Partners.
PNGTS is a 296-mile pipeline that delivers natural gas from Canadian and Appalachian supply basins into New England and Atlantic Canada. The pipeline serves a diverse group of utilities, power generators and industrial customers under long-term contracts, with rates and terms of service subject to FERC oversight.
“PNGTS is a vital part of New England and Atlantic Canada’s energy infrastructure,” said Matt Runkle, Head of Power and Midstream for Blackstone Infrastructure. “We’re focused on supporting the PNGTS team over the long term as they continue to deliver the same safe, reliable service customers depend on today.”
"For decades, PNGTS has delivered safe, affordable, and reliable natural gas service to customers across New England and Atlantic Canada,” said Mark Mitchell, Chief Executive Officer, PNGTS. “We're pleased to welcome Blackstone as our long-term partner. Our management team and employees remain focused on serving our customers in the region, continuing to strengthen our industry-leading integrity management program and being a responsible steward in the communities where we operate.”
The transaction is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals.
Guggenheim Securities, LLC served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Bernstein Shur served as legal advisors to Blackstone Infrastructure. Citi served as financial advisor and Vinson & Elkins LLP, Pierce Atwood and McLane Middleton served as legal advisors to Morgan Stanley Infrastructure Partners and Global Infrastructure Partners.
About Blackstone Infrastructure
Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.
About PNGTS
PNGTS operates a 296-mile FERC-regulated pipeline system that provides critical natural gas supply to New England and Atlantic Canada. The system originates near Pittsburg, New Hampshire, and has delivery points in New Hampshire, Maine and Massachusetts. Strategically situated in the northeast United States, PNGTS is focused on the safe and reliable operation of its assets. For more information, please visit pngts.com.
About Morgan Stanley Infrastructure Partners
Morgan Stanley Infrastructure Partners (MSIP) is a leading global private infrastructure investment platform with approximately $17 billion in capital commitments since inception. Founded in 2006, MSIP has invested in a diverse portfolio across transportation, digital, energy transition, and water & waste. MSIP targets assets that provide essential public goods and services with the potential for value creation through active ownership. For further information about Morgan Stanley Infrastructure Partners, please visit Morgan Stanley Infrastructure Partners.
About Global Infrastructure Partners (GIP), a part of BlackRock
Global Infrastructure Partners (GIP), a part of BlackRock, is a leading infrastructure investor that specializes in investing in, owning, and operating some of the largest and most complex assets across the energy, transport, digital infrastructure, and water and waste management sectors.
GIP’s scaled platform has over $200 billion in assets under management. We believe that our focus on real infrastructure assets, combined with our deep proprietary origination network and comprehensive operational expertise, enables us to be responsible stewards of our clients’ capital and create positive economic impact for communities. For more information, visit http://www.global-infra.com.
Contact
Connor Scannell
[email protected]
(347) 205-4165