Houston’s Enterprise Products Partners LP has agreed to acquire Navitas Midstream Partners LLC for $3.25 billion, giving the giant partnership an entry point in the Permian Basin of West Texas and an additional 1 Bcf/d of natural gas processing capacity.

Permian M&A

The agreement to acquire Navitas, headquartered north of Houston in The Woodlands, could be completed by the end of March, with an Enterprise affiliate planning to use cash-on-hand and existing credit for the deal..

Enterprise management lauded the move as giving the natural gas processing and natural gas liquids (NGL) business a strong opening in the Permian’s Midland sub-basin, which co-CEO Jim Teague called the “most attractive in the U.S.”

“We do not have a natural gas or NGL presence in the Midland Basin other...