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.

Navitas Assets

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...