Brazos Midstream Holdings LLC and financial sponsor Old Ironsides Energy have agreed to sell subsidiaries working on developing the Permian Delaware sub-basin to North Haven Infrastructure Partners II (NHIP II) for about $1.75 billion. Closing is expected by the end of June. NHIP II is an investment fund managed by Morgan Stanley Infrastructure. After closing, Brazos would retain its name and management team, and it would operate as a portfolio company of NHIP II. Brazos is expanding cryogenic natural gas processing in West Texas, among other things. Jefferies LLC is financial adviser to Brazos, while RBC Capital Markets is financial adviser to Morgan Stanley Infrastructure.