Blackstone Infrastructure to Acquire 296-Mile PNGTS Pipeline

Blackstone Infrastructure to Acquire 296-Mile PNGTS Pipeline

by

Blackstone Infrastructure has entered into a definitive agreement to acquire the Portland Natural Gas Transmission System (PNGTS), according to a statement released by Blackstone on November 10, 2026.

The 296-mile pipeline serves as a critical energy artery for northern New England and Atlantic Canada. It transports natural gas from supply basins in Canada and Appalachia into delivery points across New Hampshire, Maine, and Massachusetts.

The acquisition involves funds managed by Blackstone Infrastructure purchasing the asset from investment funds managed by Global Infrastructure Partners (GIP), which is part of BlackRock, and Morgan Stanley Infrastructure Partners. The transaction is expected to close during the first half of 2027, following customary closing conditions and regulatory approvals.

The PNGTS system operates under the oversight of the Federal Energy Regulatory Commission (FERC). This regulation ensures that the rates and terms of service remain subject to federal standards, providing a layer of stability for the utilities, power generators, and industrial customers currently under long-term contracts with the pipeline.

Matt Runkle, Head of Power and Midstream for Blackstone Infrastructure, noted the regional importance of the asset during the announcement.

“PNGTS is a vital part of New England and Atlantic Canada’s energy infrastructure,” Runkle 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.”

The pipeline originates near Pittsburg, New Hampshire, and serves a diverse group of regional energy consumers. For these stakeholders, the shift in ownership represents a transition to a firm that utilizes a long-term buy-and-hold strategy for large-scale infrastructure assets.

While the ownership structure is changing, the current leadership at PNGTS said it will maintain existing operational standards. Mark Mitchell, Chief Executive Officer of PNGTS, expressed optimism regarding the new partnership.

“For decades, PNGTS has delivered safe, affordable, and reliable natural gas service to customers across New England and Atlantic Canada,” Mitchell said. “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.”

Blackstone Infrastructure’s investment model focuses on assets that provide predictable annual cash flow yields and stable, long-term capital appreciation. This approach is applied across several sectors, including energy, transportation, digital infrastructure, and water and waste infrastructure.

The transaction involves many financial and legal advisors. Guggenheim Securities, LLC acted as the financial advisor to Blackstone, while Paul, Weiss, Rifkind, Wharton & Garrison LLP and Bernstein Shur provided legal counsel. On the side of the sellers, Citi served as the financial advisor to Morgan Stanley Infrastructure Partners and Global Infrastructure Partners, with legal services provided by Vinson & Elkins LLP, Pierce Atwood, and McLane Middleton.

The transition of this FERC-regulated asset shows essential utility infrastructure moving into the hands of large-scale institutional infrastructure investors.

Related reading

Read next