OMERS Infrastructure Management, the infrastructure investment manager of the C$95 billion ($72.7 billion) Ontario Municipal Employees' Retirement System, Toronto, announced it agreed to acquire a 50% stake in oil distribution firm BridgeTex Pipeline Co. for $1.44 billion.
OMERS Infrastructure will become the largest shareholder in BridgeTex, acquiring a 20% stake from pipeline owners Plains All American Pipeline and 30% from Magellan Midstream Partners, said an OMERS spokesman.
Plains and Magellan will retain the remaining 20% and 30% stakes, respectively. An affiliate of Magellan continues to act as operator of the pipeline.
The BridgeTex deal is OMERS Infrastructure's latest investment in U.S. energy infrastructure. Earlier this month, OMERS acquired a 24% stake in Puget Holdings, owner of electric and natural gas utility Puget Sound Energy owner Puget Holdings, and in March, it acquired wind power company Leeward Renewable Energy. Terms of those deals were not disclosed.
OMERS Infrastructure managed 16% of the plan's assets as of Dec. 31.