Brookfield acquires stakes in Los Ramones pipelines in Mexico

02 August 2019 - 12:00 am UTC

A Brookfield Infrastructure Partners (BIP)-led consortium signed a deal to acquire Blackrock’s and First Reserve’s stakes in the Los Ramones Pipelines in Mexico for USD 550m, said two sources close to the situation.


BIP signed an agreement to acquire a “co-controlling” interest in two natural gas pipelines in Mexico for USD 550m, according to BIP’s 2Q19 earnings release. BIP did not specify what the assets were in the earning release, nor on a subsequent earnings call on 2 August.


BIP expects to close the deal in 4Q19.


BIP did not return any follow up calls.


Creel and Morgan Stanley advised Blackrock. Mijares was also an advisor on the transaction.


Los Ramones pipelines were built in 2016, and owned by Blackrock funds and IEnova and Pemex (Ramones II Northern), and Blackrock and Trans Austra and Engie (Norte II Southern).


Along with other Blackrock affiliates, Blackrock México Infraestructura I2 owns a stake in the project. The fund reported on 23 July that it signed an agreement to sell a stake in an infrastructure project in Mexico.


BIP said described the assets as pipelines that were built in 2016 and represent “critical infrastructure supplying Mexico’s Central and West gas demand regions with natural gas from Texas.”


The project had also received interest form the likes of OTPPEngieApollo and ADIA.


On the call BIP executives also mentioned that the sale of an additional 33% in their road projects in Chile is still ongoing. The company also aims to complete their first data center in the country by 2020 and make further expansions in Mexico and Colombia.


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