On March 21, 2025, Brookfield Infrastructure Partners L.P. (BIP) announced an agreement to sell its remaining 25% stake in NGPL (Natural Gas Pipeline Company of America) to an existing co-owner, ArcLight Capital Partners. The transaction, still pending as of May 21, is expected to close in Q2 2025 and marks Brookfield’s full exit from NGPL. The sale will generate total proceeds of over US$1.7 billion (approximately C$2.29 billion), realizing an 18% IRR and a 3x multiple on capital invested since the 2015 recapitalization. Brookfield initially acquired a 27% interest through its Babcock & Brown Infrastructure purchase and expanded to 50% through a buyout of minority holders. Over its ownership, Brookfield drove value through pipeline expansions and capacity upgrades to serve utilities and LNG export markets.

Including earlier financings, the transaction has delivered more than US$900 million (about C$1.21 billion) over the past 18 months, equating to 1.8x Brookfield’s carrying value. CIBC Capital Markets and RBC Capital Markets served as joint financial advisors, with Vinson & Elkins LLP as Brookfield’s legal counsel. Latham & Watkins LLP advised ArcLight.