Blackstone Infrastructure Agrees to Acquire 296-Mile PNGTS Pipeline

Blackstone Infrastructure announced on November 10, 2026 that funds it manages had entered into a definitive agreement to acquire Portland Natural Gas Transmission System (PNGTS), a 296-mile natural gas pipeline serving northern New England and Atlantic Canada, from investment funds managed by Global Infrastructure Partners, a part of BlackRock, and Morgan Stanley (MS ) Infrastructure Partners. Financial terms were not disclosed.

Blackstone expects the transaction to close in the first half of 2027, subject to regulatory approvals and customary closing conditions. The agreement therefore represents a pending change of ownership, not a completed acquisition.

Regulated Route and Contracted Customers

PNGTS delivers natural gas from Canadian and Appalachian supply basins into New England and Atlantic Canada. The system originates near Pittsburg, New Hampshire, and has delivery points in New Hampshire, Maine and Massachusetts. Its customers include utilities, power generators and industrial companies that receive service under long-term contracts.

The Federal Energy Regulatory Commission oversees the pipeline’s rates and terms of service. That framework makes the existing contract base and regulated service terms central features of the infrastructure asset changing hands.

The PNGTS company overview dates the business to 1999 and reports capacity of nearly 460,000 Dth/d across its network of pipelines and facilities. That capacity figure adds a throughput measure to the route length given in the sale announcement.

Standalone History and Management Continuity

The pending transaction follows PNGTS’s transition into a standalone company, completed on August 15, 2024. It had previously been a subsidiary of TC Energy Corporation (TRP ) and Northern New England Investment Company, Inc., a subsidiary of Énergir L.P. Bill Yardley became chief executive at the time of that transition.

In the 2024 announcement, Yardley characterized the region’s heating and electricity-generation markets as historically volatile because of limited upstream supply options. His assessment gives context to PNGTS’s connections with Canadian and Appalachian basins, which carry gas toward those heating and power markets.

Blackstone Infrastructure is emphasizing continuity under the existing operator. Matt Runkle, its head of power and midstream, said: “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.”

Mark Mitchell, PNGTS’s chief executive, said he welcomed Blackstone as a long-term partner. The management team and employees remain focused on customer service, strengthening the company’s integrity management program and responsible stewardship in the communities where it operates.

Regulatory approvals and closing conditions now stand between the signed agreement and a transfer of ownership. Until that process is complete, the operating picture is the one described by both companies: long-term customer contracts, federal oversight of rates and service terms, and a management team emphasizing continuity and pipeline integrity.